Definition
Qualified Mortgage
A loan meeting federal standards for verifying repayment ability, giving the lender certain legal protections.
Nearby terms
Private Mortgage Insurance
Insurance protecting the lender on conventional loans above 80% LTV.
Proration
The division of ongoing costs such as property taxes and HOA dues between buyer and seller as of the closing date.
Quitclaim Deed
A deed transferring whatever interest the grantor has, without warranting that they have any.
Rate Lock
A lender's commitment to hold a quoted rate for a defined period regardless of market movement.
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