Qualification
As determined by a lender, the ability of the
borrower to repay a mortgage loan based on the
borrower's credit history, employment history,
assets, debts, income and other factors.
Qualifying Ratios
The percentage of payment to income (P/I) and
debt-to-income (D/I) that is used to measure the
borrower's capacity to repay the mortgage debt.
Quitclaim Deed
A deed that transfers whatever interest the maker
of the deed may have in the particular parcel of
land. A quitclaim deed is often given to clear the
title when the grantor's interest in a property is
questionable. By accepting such a deed the buyer
assumes all the risks. Such a deed makes no
warranties as to the title, but simply transfers
to the buyer whatever interest the grantor has.
