Glossary

QUALIFYING RATIOS: These are two ratios used in determining credit worthiness for a mortgage loan. One is the ratio of a borrower's monthly housing costs to monthly income. The other is a ratio of all monthly debt to monthly income.

QUITCLAIM DEED: This is a legal document which transfers any ownership an individual has in a piece of property. Often used when the amount of ownership is not known, is unclear or in divorce settlements.