Glossary and Acronyms "Q"
Qualified / Nonqualified Contributions
These terms identify whether contributions are made with pretax 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). Non qualified contributions come from money that has already been taxed, such as the check you write for your Roth IRA.
A process used to make sure that companies participating in the issuance of mortgages comply with all state and national laws.
A deed that serves to transfer the title but offers no promises about the quality
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. (Ref: What is Debt to Income Ratio and how is DTI calculated)