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home :: Mortgage Terms
Glossary G
Mortgage Terms Glossary
G
Gift: a sum of money, including amounts
from a relative or a grant from the borrower's employer, a
municipality, non-profit religious organization, or non-profit
community organization that does not have to be repaid.
Ginnie Mae: Government National
Mortgage Association (GNMA); a government-owned corporation overseen
by the U.S. Department of Housing and Urban Development, Ginnie Mae
pools FHA-insured and VA-guaranteed loans to back securities for
private investment; as With Fannie Mae and Freddie Mac, the
investment income provides funding that may then be lent to eligible
borrowers by lenders.
Good faith estimate: an estimate of all
closing fees including pre-paid and escrow items as well as lender
charges; must be given to the borrower within three days after
submission of a loan application.
Graduated Payment Mortgage (GPM): a
fixed-interest loan with lower payments in the early years than in
the later years. The amount of the payment gradually increases over
a period of time and then levels off at a payment sufficient to pay
off the loan over the remaining amortization period.
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