| Mortgage Terms |
Terms starting with the letter Q
Qualify
A process of preparing a borrower for a mortgage loan by analyzing their
financial data and comparing to loan program criteria to determine the
best-fit program based upon loan-to-value ratio, debt-to-income ratio
and credit score.
Qualifying
Ratios
Guidelines applied by lenders to determine how large a loan can be granted
to the home buyer. The debt-to-income ratio is your current monthly
debt on loans and credit cards divided by your gross income. The
housing-to-income ratio is your new housing payments divided by your
gross income.
Quality
Control
Practices, Policies, and Procedures maintained to assure accuracy
in production, selling, and servicing, of mortgage loans.
Quiet
Title Suit
An action in court to remove a defect, cloud or suspicion regarding
the legal rights of the owner to the parcel of real estate.
Quitclaim
Deed
A deed in which the grantor warrants nothing. It conveys only
the grantor's present interest in the real estate, if any.
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