Qualifying


Definition of "Qualifying"

Kevin Carney
  The K Co. Realty


  1. Process determining an individual's financial ability to meet the terms of a loan. When selling real estate, the sales broker must qualify the buyer to make certain he/ she has the financial ability to purchase the property and be eligible to obtain a mortgage.
  2. In insurance, a period of time during which an individual is eligible to receive benefits until it is determined whether or not fraud or other misrepresentation has occurred. A qualification period is found most frequently in health insurance and pension plans.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Exculpatory Provision

Clause in legal contracts that excuses a given party to the contract from liability for unintentiona ...

Agent

Individual who sells and services insurance policies in either of two classifications: Independent a ...

War Risk Insurance

Coverage for damage due to peril! of war, usually written as part of an ocean marine insurance polic ...

Quantity Survey

Complete estimated itemization of all costs in constructing a structure including site acquisitio ...

Systems Safety Engineering

Risk management technique for identifying risks and taking steps to minimize losses. ...

Pay-Down Magic

Belief that there is a special way to pay down the balance of a home mortgage faster, if you know ...

Related Real Estate FAQ

What Is A Term?

A term is the length of a loan. ...

What Is Principal?

Principal is the amount of money borrowed and still owed on a loan not including the interest. ...

What Are Comparables Or Comps?

Recently sold properties that are similar in size, location, and amenities to the home for sale. The ...

What Do I Need To Know About Term Life Insurance?

Provides financial protection for a limited, specified period of time, at a lower cost than permanen ...

What Is Freddie Mac?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation cha ...

What Is A Ginnie Mae?

A Ginnie Mae is a name for the Government National Mortgage Association (GNMA), which is a governmen ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Real Estate Open House - The Dos and Don What is Earnest Money How To Get A Loan with Bad Credit 3 tips to ensure your sale goes through Foreclosure - The Pros and Cons of Buying

FAQ

What is PITI and what does it stand for? What is a default? What do I need to know about Renters Insurance, and what does it cover? What are prepayment penalties? What do I need to know about Auto Insurance?