Mortgage Glossary
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QUALIFICATION RATE:
The rate of interest used to calculate whether or not a borrower qualifies for a mortgage.
QUALIFICATION REQUIREMENTS:
Those guidelines set by lenders to be used when deciding whether or not an applicant will be given a loan.
QUALIFIED ACCEPTANCE:
Also known as "conditional acceptance". Agreeing to enter a contract provided certain conditions are met.
QUALIFIED BUYER:
A purchaser who has been pre-approved for financing.
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