 James Balletta, Owner/Broker (516) 921-5025
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C.R.B., G.R.I., C.R.S., President, Licensed Real Estate Broker |
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REAL ESTATE GLOSSARY
Q
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Qualifying Ratios
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Quitclaim Deed
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Qualifying Guidelines
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Qualifying
Ratios
Calculations
that are used in determining whether 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 percent of
income ratio. |
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Quitclaim
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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Qualifying
Guidelines
There are
two main elements lenders consider when determining
whether you and any co-borrowers qualify for a
specific mortgage.
The first is your monthly mortgage costs, including
mortgage payments, property taxes and insurance. If
you're considering buying a condominium or
cooperative, any associated fees are also considered.
Your mortgage costs should not exceed 28 percent of
your gross monthly (pre-tax) income.
The second qualifying guideline relates to your total
monthly housing costs and other debts you and any
co-borrowers have. These costs should not exceed 36
percent of your gross monthly income.
Lenders follow these guidelines because they believe
these percentages allow homeowners to pay off their
mortgages fairly comfortably without the worry of loan
defaults and foreclosures.
However, these guidelines can be exceeded in certain
cases, such as borrowers with a good credit history or
with a larger down payment. |
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Lex Realty - Long Island's Oldest Real Estate Office
Serving Syosset, Woodbury, Jericho, Bethpage, Plainview, Muttontown, Laurel Hollow, the Brookvilles, Oyster Bay, Oyster Bay Cove and all of the New York Area Real Estate Communities
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