Ginnie Mae
See Government National Mortgage Association
GNMA
See Government National Mortgage Association.
Good Faith Estimate
Written estimate of costs the borrower must pay at closing, provided by a lender within three days of a loan application.
Government National Mortgage Association (GNM
Government agency that provides funds for VA and FHA loans.
Grace Period
Period of time during which a loan payment may be made after its due date without incurring a late penalty.
Graduated Payment Mortgage
A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.
Gross Income
Total income before taxes or expenses are deducted.
Gross Monthly Income
The total amount earned by the borrower each month.
Growing Equity Mortgage
A fixed-rate loan in which payments increase by a predetermined amount each year, reducing the outstanding balance of the loan. This accelerated payment plan allows repayment of a 30-year loan in 15 to 20 years.
Guarantee or Guaranty
A promise by one party to pay a debt or perform an obligation contracted by another in the event of that person’s death.