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qualifying ratios
Calculations that are used in determining whether a borrower can qualify for a
mortgage. There are two ratios. The “top” or “front” ratio is a
calculation of the borrower’s monthly housing costs (principle, taxes, insurance,
mortgage insurance, homeowner’s association fees) as a percentage of monthly income.
The “back” or “bottom” ratio includes housing costs as will as all
other monthly debt.
quitclaim deed
A deed that transfers without warranty whatever interest or title a grantor may have
at the time the conveyance is made.