Q



Glossary




Qualifying Guidelines

Criteria used to determine eligibility for a loan.


Qualifying ratios

Calculations that are used to determine whether a borrower can qualify for a mortgage. They consist of 2 separate calculations: a housing expense as a percent of income and total debt obligations as a percent of income.



Qualifying Rate

The Interest rate used in calculating the initial mortgage payment in qualifying a borrower.



Qualified / Nonqualified

These terms identify whether contributions are made with pre-tax or post-tax dollars. Qualified contributions come from money that hasn’t been taxed yet, such as money withheld from your paycheck for your 401(k). Nonqualified contributions come from money that has already been taxed, such as the check you write for your Roth IRA.



Quality Control

A process used to make sure that companies participating in the issuance of mortgages comply with all state and national laws related to those mortgages.of that title.



Quitclaim Deed

A deed that serves to transfer the title but offers no promises about the quality





Acronyms



QA
Quality Assurance



QC
Quality Control



QM
(Qualified mortgage) a type of lan that requires the lender to make sure that borrower can repay the loan



QRM
Qualified Residential Mortgage