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G
 
Good Faith Estimate
An estimate of all the charges that a buyer is likely to pay prior to the closing of a mortgage. Lenders refer to this as the “GFE”.

Government Mortgage (Loan)
A mortgage type that is insured by the F.H.A. (Federal Housing Authority), V.A. (Veteran's Administration), or R.H.A. (Rural Housing Authority).

Government National Mortgage Association
Normally referred to as “Ginnie Mae”, it provides funds for government loans (FHA, VA, RHA) and takes over special assistance and liquidation operations of Fannie Mae.

Grace Period
A period allowed -- usually 15-16 days -- for making late payments without incurring a penalty charge.

Grantee
The person(s) to whom an interest in real property is conveyed.

Grantor
The person(s) conveying an interest in real property.

Gross Monthly Income
The total amount the borrower earns each month, excluding any taxes or expenses. It is often used in calculations to find out whether a borrower qualifies for a loan.
 
 
 
 

 

 
 

 
 

 

 
 

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