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Houston Mortgage > Glossary >
Credit Repair > G 1-10
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Gap insurance
A type of insurance offered to auto lease customers. It pays the difference between what you own and what the vehicle is worth in the event the car is stolen or destroyed.
Garnishment
An amount withheld from your pay and remitted to another party, such as a creditor. You must include in your taxable income any amount that was garnished from your pay, because the full amount of your pay is considered to have been received by you even though some was withheld to pay your debts.
Good faith estimate
Often called a GFE. A written estimate of expected closing costs that a lender must provide a prospective home buyer within three days of the homeowner submitting a mortgage loan application. Brokers and lenders are required by law to make as accurate an estimate as they can.
Government bond
Debt obligations of the U.S. government, consisting of Treasury bills, notes and bonds, and carrying the highest credit rate possible. Also referred to as government securities.
Grace period
If the credit card user does not carry a balance, the grace period is the interest-free time a lender allows between the transaction date and the billing date. The standard grace period is usually between 20 and 30 days. If there is no grace period, finance charges will accrue the moment a purchase is made with the credit card. People who carry a balance on their credit cards have no grace period.
Guaranteed mortgage
A home loan guaranteed by a government agency or other third party.
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