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HUD
Home Buying Glossary - Q
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Qualified
- Approval by meeting certain requirements. Legally competent
or capable.
Qualifying
Income Ratio
- Income analysis used by lenders in deciding whether to offer
the borrower a loan. One
type of analysis compares only the amount of the proposed
monthly mortgage payment to the monthly income (See PITI
Ratio). Another
compares the amount of the total monthly payments (for
example, car, credit card and proposed mortgage payments) to
the monthly income.
Quality
Control - A system of safeguards to ensure that all loans
are originated, processed, underwritten, closed and serviced
according to the lender's and an investor's standards.
Quantity
Survey Method - A method for finding the reproduction cost
of a building in which the costs of erecting or installing all
of the component parts of a new building, including both
direct and indirect costs, are added.
Quiet
Enjoyment - The right of an owner or tenant to use the
property without intereference.
Quiet
Title Action - See Action to Quiet Title.
Quitclaim
Deed - A deed conveying whatever interest the grantor may
have without making any claims as to ownership.
Quote
- Specifies the interest rate and any fees in a mortgage deal.
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