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Real Estate Glossary - G
Good Faith Estimate
An estimate of charges which a borrower is likely to
incur in connection with a loan closing.
Government Loan
A mortgage that is insured by the Federal Housing
Administration (FHA) or guaranteed by the Department of
Veterans Affairs (VA) or the Rural Housing Service (RHS).
Mortgages that are not government loans are classified
as conventional loans.
Government National Mortgage Association
A government-owned corporation within the U.S.
Department of Housing and Urban Development (HUD).
Created by Congress on September 1, 1968, GNMA performs
the same role as Fannie Mae and Freddie Mac in providing
funds to lenders for making home loans. The difference
is that Ginnie Mae provides funds for government loans
(FHA and VA)
Grace Period
A time allowed, usually 15 days, for making late
payments without a penalty.
Grantee
The person to whom an interest in real property is
conveyed.
Grantor
The person conveying an interest in real property.
Gross Monthly Income
The total amount the borrower earns per month, not
counting any taxes or expenses. Often used in
calculations to determine whether a borrower qualifies
for a particular loan. |
