| Term |
Definition |
| Q-form |
A Q-form is series of
questions that you complete in order to request a loan. What does
the Q stand for? You choose - quality, quick, qualification,
questionnaire. Our unique Q-forms have been designed by LendingTree
specifically for the Internet to make your experience as easy as
possible. |
| Qualification |
Qualification is the
initial process to see if you have enough cash and sufficient income
to meet the requirements of the lender for a loan you want.
Qualification is not an approval because it does not include your
credit history. Qualified borrowers can be turned down if they have
poor credit history. |
| Qualification Ratios
|
Qualification ratios are
set by the lender that state your housing expense to income, and
housing expense plus other debts to income, cannot exceed a
specified number. Many lenders use a 28% housing expense to income
and a 36% housing expense plus debts to income. Other ratios may be
how much you put down on a home. |
| Quitclaim Deed |
A deed which 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.
|
