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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.
Quit Claim Deed
"A quit claim deed is a legal
document by which a person releases
or ""quits"" any
claim that they may have had to property.
Of the different types of deeds, the
quit-claim has the least assurance
that the person receiving it will
actually get any rights. The person
who provides a quit-claim deed makes
no warranty or representation that
they actually own anything. The quit-claim
merely provides that whatever they
had or may have had, they are conveying
it. Other types of deeds are judicial
deeds, warranty deeds, and sheriff's
deeds."
Quit Claim Deed
A deed that transfers without warranty
whatever interest or title a grantor
may have at the time the conveyance
is made.
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