Mortgage Glossary

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Quadrangle
A square-shaped land area, 24 miles on each side. Frequently used in the government rectangular survey method of land description.
Qualified Veteran
To officially determine if you are a qualified veteran, you or TowneBank Mortgage must request a Certificate of Eligibility (COE) from the VA. This certificate indicates that the VA has determined you are eligible for a VA home loan and shows the amount of available entitlement or guaranty. To obtain a certificate of eligibility, complete the "Request for a Certificate of Eligibility for VA Home Loan Benefits Form" (VA Form 26-1880) and submit it to the VA. This form, as well as additional information about VA home loan eligibility requirements, are available on the VA website (www.homeloans.va.gov).
Qualifying Rratios
The ratio of your fixed monthly expenses to your gross monthly income, used to determine how much you can afford to borrow. The fixed monthly expenses would include PITI along with other obligations such as student loans, car loans, or credit card payments.
Qualifying Thrift Lender
A lender who specializes in home mortgage finance under the rules established by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).
Quantity Survey
A method used by appraisers to estimate how much it would cost to reproduce an improvement.
Quitclaim Deed
A deed that transfers, without warranty, whatever interest or rights a grantor may have at the time the transfer is made. Often used to remove a possible cloud on the title.