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Mortgage Glossary

Qualification

Meeting a lender's requirements for approval of a mortgage loan in areas such as income, assets, credit history and debt.

Qualifying Ratios

The criteria a lender will calculate to see what percentage of your income you could spend on a monthly mortgage payment. A qualifying ratio consists of a front-end number and a back-end number. For example, a 26/35 ratio means you'll spend approximately 26% of your gross monthly income on your mortgage, and 35% on the mortgage plus other debts such as credit cards and car loans. Traditionally, lenders want a front-end ratio of 28 or lower and a back-end ratio of 36 or lower, though many will accept slightly higher ratios.

Quitclaim Deed

A document that transfers title to property, with the seller releasing all claims to the property. Often given to clear a title when the seller's interest in the property is under question.

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