Qualifying Ratio: The percentage of income and monthly debt in relation to a borrower’s income that is acceptable to the lender to approve a loan. These percentages vary from lender to lender and are greatly influenced by the loan to value, borrower’s savings and funds available after purchase, credit scores, and employment history to name a few.

Quitclaim Deed: A type of deed where one who has title to a property quit claims his interest to another without any warranty as to the clarity of title. Usually no title insurance is ordered. Be aware that this can be a risky way to acquire title to a property. It is important to know the person you are receiving title from. Always seek professional advice in this area.