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Glossary
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Good Faith Estimate -
An estimate of charges which a borrower is likely to incur in connection with a loan closing.
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Government Loan -
A type of mortgage insured by the FHA (Federal Housing Authority), VA (Veteran's Administration), or RHS (Rural Housing Authority).
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Government National Mortgage Association (Ginny Mae) -
Provides funds for government loans and takes over special assistance and liquidation functions of Fannie Mae.
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Grace Period -
A time allowed, usually 15 days, for making late payments without a penalty.
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grantee -
The person to whom an interest in real property is conveyed.
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grantor -
The person conveying an interest in real property.
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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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