Qualification rate
Definition
The interest rate used in calculating the initial mortgage payment in qualifying a borrower. The rate used in this calculation may or may not be the initial rate on the mortgage. On ARMs, for example, the borrower may be qualified at the fully indexed rate rather than the initial rate.
Related Terms Other terms related to 'Qualification rate' starting with the letter 'Q' Qualification ratios, Qualification requirements, Qualification Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 