|
|
Houston Mortgage > Glossary >
Mortgage > G 1-10
|
|
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.
Gift
In the context of mortgage banking, a gift is a bestowal of money that does not have to be repaid, and which is used for a down payment or closing costs. Lenders usually require a "gift letter" stating that the money won't have to be repaid.
Ginnie Mae
Also known as the Government National Mortgage Association, a part of the federal Department of Housing and Urban Development that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies.
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 National Mortgage Association
Commonly known as Ginnie Mae, a part of the federal Department of Housing and Urban Development that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies.
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.
Graduated-payment mortgage (GPM)
A home loan that starts out with smaller payments that gradually increase over the first few years, then remain fixed.
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.
Ground rent
Amount a leaseholder pays periodically for use of land only.
|
|
|
Houston Home Mortgage