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Houston Mortgage > Glossary >
Home Equity > G 1-10
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General contractor
The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.
GFE
Good faith estimate. 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.
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.
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.
Gross income
This is all the money, goods and property you receive during the year before you reduce it by using adjustments, deductions or exemptions. People who use the barter system have to include the value of whatever they''ve received in exchanged for services as part of their gross income.
Guaranteed mortgage
A home loan guaranteed by a government agency or other third party.
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