CANADIAN MORTGAGE GLOSSARY TERMS Here is a simple glossary of Canadian mortgage lending and finance related terms. To find the term you are looking for quickly, simply click on the letter below.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Q
Qualifying Ratios
As calculated by lenders, the percentage of income that is spent on housing debt and combined household debt. The first qualifying ratio, called the gross debt service or GDS is up to and including a maximum of 32% of the combined gross family income. The second qualifying ratio is the Total debt service or TDS is up to and including 40% of gross income.
Quiet Enjoyment
The right of a lessee (tenant) to use the leased property without interference from the lessor (owner).
Quiet Possession
The right granted by a mortgagee to the mortgagor to use the property without interference by the mortgagee until there is default. Also vice versa.
Quit Claim
In conveyancing, to release or relinquish a claim. In mortgages, a form of title transfer of ownership from the owner to the mortgagee. A default remedy.