Terms starting with the letter G

G.I. Guaranteed Mortgage 
Government guaranteed and insured mortgage available to United States of America Veterans and their spouses, and those currently serving in the military.  Entitlements include low-or no-down payment fixed 15 and 30 year loans by the Veterans Administration through HUD.  also See VA Loan

Gift Funds
Transfer of funds to assist with payment of closing costs and/or down payment. Investors typically require that gift funds may only be received from the borrower's parents and/or grandparents with no intent for repayment.

Ginne Mae - See Government National Mortgage Association 

Good Faith Estimate
A document delivered with Truth-In-Lending Disclosure Statement to borrower as an estimate comprising, closing costs, interest rate, term, loan amount, and monthly payment, within 3 days of receiving borrowers mortgage application per the Real Estate Settlement Procedures Act (RESPA).

Government National Mortgage Association (GNMA) 
Guarantees mortgage-backed securities issued by private financial intermediaries.  Also known as Ginnie Mae, provides sources of funds for residential mortgages, insured or guaranteed by FHA or VA

Graduated Payment Mortgage (GPM)
A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off.

Grace Period
A period of time during which a loan payment may be paid after its due date without incurring a late payment penalty.  15 days for FHA/VA, and 20 days for Conventional (unless otherwise specified.  Late payments reported on credit reports.

Graduated Payment Mortgage (GPM)
A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it.

Grantee
A person to whom real estate is conveyed; the buyer.

Grantor
A person who conveys real estate; the seller.

Gross Monthly Income
The total monthly income earned before taxes and any other deductions.

GSE
Government Sponsored Enterprise such as Fannie Mae or Freddie Mac.

Guaranty
A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.