Mortgage and Loan Glossary (G)
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gain
An increase in monetary or property value.
gap loan
One that fills the difference between the floor loan and the full amount
of the long-term permanent loan. Sometimes also called a bridge loan
or swing loan.
garden apartments
An apartment housing complex where the tenants have free access to
a lawn or garden area.
gated community
A private, fenced-in housing development, sometimes employing security
guards.
Good Faith Estimate
A written estimate of the settlement costs the borrower will likely
have to pay at closing. Under the Real Estate Settlement Procedures
Act (RESPA), the lender is required to provide this disclosure to
the borrower within three days of receiving a loan application.
government mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs
(VA) or, is insured by the Federal Housing Administration (FHA).
Compare with conventional mortgage.
Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing
and Urban Development (HUD). Created in1968, GNMA assumed responsibility
for the special assistance loan program formerly administered by
FNMA. Commonly called Ginnie Mae.
grant
A technical term used in deeds of conveyance of property to indicate
a transfer.
grant deed
A deed that includes a warranty that the seller (grantor) has the unencumbered
right to transfer ownership to the buyer (grantee).
grantee
The person to whom an interest in real property is conveyed.
grantor
The person conveying an interest in real property.
Gross Domestic Product (GDP)
Measures aggregate economic activity available, encompassing every
sector of the economy. Quarterly percent changes (at an annualized
rate) in GDP reflect the growth rate of total economic output. GDP
growth is widely followed as the primary indicator of the strength
of economic activity. Frequency: quarterly. Source: Commerce Department.
ground rent
The amount of money that is paid for the use of land when title to
a property is held as a leasehold estate rather than as a fee simple
estate.
group home
A residential building designed for unrelated developmentally disabled
persons. These homes provide long-term shelter and support services
that are residential in nature.
growing-equity mortgage (GEM)
A fixed-rate mortgage that involves scheduled payment increases over
a specified period of time. The increased amount of the monthly payment
is applied directly to the remaining principal balance.
guarantee mortgage
A home loan that is guaranteed by a third party.