Shearsons Mortgage - Glossary "Q"

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"Q"

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Qualification:
The process which determines whether an applicant can be approved for a mortgage loan

Qualifying Ratio:
The ratio of the borrower's fixed monthly expenses to his gross monthly income.
The Front-End Ratio is the percentage of a borrower's gross monthly income (before income taxes) that would cover the cost of PITI (Payment + Interest + Taxes + Insurance).
The Back-End Ratio is the percentage of a borrower's gross monthly income that would cover the cost of PITI plus any other monthly debt payments.

Quality Control:
Policies and procedures designed to maintain optimal levels of quality, accuracy and efficiency in the production, selling and servicing of mortgage loans.
Quitclaim Deed:
A deed relinquishing all interest, title or claim an owner has in a property.

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