During the process of qualifying a borrower, this is the interest rate used to determine the beginning mortgage payment. The rate used in this situation could be a mortgage's initial rate, or it might not. For example, a borrower might be qualified at the fully indexed rate on an ARM, instead of at the initial rate.

Related information about qualification rate:

1. Qualification Rate - Financial Dictionary - The Free Dictionary
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8. Qualifying Rate
   Mortgages with variable rates or fixed terms under five years typically require that you qualify at a higher rate (called the “qualifying rate.”). For example, if you ...