Spokane Real Estate Advisor

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Nestled on over an acre this secluded, private and landscaped Painted Hills rancher is awaiting your arrival. Inside the kitchen/dining area is perfect for holidays and entertaining. The main floor features an oversized master with two walk in closets. Read more...

Experience the beauty of Newport from your front porch!

Whether it’s the mountain view from the front deck, the experience of wildlife from your back patio, or the warmth and comfort inside, this home will make you feel good. Situated on a corner lot in the heart of town this home is worth a look! Read more...

MakeThis A Summer to Remember!

Enjoy your own little oasis in the middle of the Valley. Situated on almost 3/4 of an acre, featuring a 24x36 shop, an in ground swimming pool, manicured yard and grounds, gazebo and deck there truly is No Place like Home! Read more...

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Real Estate Glossary

Real Estate Glossary
Glossary of real estate terms

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Term	Definition
Qualifying Guidelines	There are two main elements lenders consider when determining whether you and any co-borrowers qualify for a specific mortgage. The first is your monthly mortgage costs, including mortgage payments, property taxes and insurance. If you're considering buying a condominium or cooperative, any associated fees are also considered. Your mortgage costs should not exceed 28 percent of your gross monthly (pre-tax) income. The second qualifying guideline relates to your total monthly housing costs and other debts you and any co-borrowers have. These costs should not exceed 36 percent of your gross monthly income. Lenders follow these guidelines because they believe these percentages allow homeowners to pay off their mortgages fairly comfortably without the worry of loan defaults and foreclosures. However, these guidelines can be exceeded in certain cases, such as borrowers with a good credit history or with a larger down payment.

Qualifying Ratios	Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.

Quiet enjoyment	Right of property owner to use his property without adverse claims of another to title or interest.

Quitclaim deed	A deed which transfers whatever interest the maker of the deed may have in the particular parcel of land. A quitclaim (or quit claim) deed is often given to clear the title when the grantor's interest in a property is questionable. By acc epting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has. (see Deed.)

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Glossary V2.0

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John Creighton
MBA, e-PRO, GRI
Spokane Real Estate Advisor
Licensed in Washington & Idaho

John L Scott Real Estate
Cell (509) 979-2535
Office (509) 924-4200
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