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Mintrates Mortgage Glossary Mortgage Glossary

Understand the most important lending and mortgage terms. Mortgages can be confusing for the first time home buyer, so let us help explain. Below you'll find explanations for most of the mortgage industry terms.

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Qualifying rate
Qualifying ratio
Qualifying Ratios

 

What is Qualifying rate? Adjustable-rate mortgages often employ a "qualifying fate" that differs from the "start rate." The qualifying rate may be a pre-determined percentage of interest (i.e. "8 percent"), expressed as the…
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What is Qualifying ratio? A comparison of a borrower's expenses (housing or total debt) to his…
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What is Qualifying Ratios? Calculations used to determine if a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a…
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