Dictionary - G

Mortgage terms and definitions for home buyers, home sellers, and real estate consumers. Use the links below to find the word you're looking for.

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

Good Faith Estimate -
An estimate of charges which a borrower is likely to incur in connection with a loan closing.

Government Loan -
A type of mortgage insured by the FHA (Federal Housing Authority), VA (Veteran's Administration), or RHS (Rural Housing Authority).

Government National Mortgage Association (Ginny Mae) -
Provides funds for government loans and takes over special assistance and liquidation functions of Fannie Mae.

Grace Period -
A time allowed, usually 15 days, for making late payments without a penalty.

Grantee -
The person to whom an interest in real property is conveyed.

Grantor -
The person conveying an interest in real property.

Gross Monthly Income -
The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan.

 
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