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Mortgage Loan Glossary

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G

Generic Pricing
Pricing method that sets the average low price for an item.
GFE
See Good Faith Estimate
Gift of Equity
Value of equity that is not paid for above the asking price in the sale or purchase of a property.
Ginnie Mae (GNMA)
Government corporation formally known as the Government National Mortgage Association that uses government insured mortgages to back securities that are sold for private investment.
RELATED MORTGAGE TERMS: Fannie Mae (FNMA)|Freddie Mac (FHLM)
"Go Stated"
Phrase used in the mortgage loan industry to describe an applicant that applies for a loan without all the necessary documentation that is required by the lender.
RELATED MORTGAGE TERMS: Full Documentation|Stated Income|Stips
MORTGAGE LOAN EXAMPLES: Documentation Requirements
Good Faith Estimate (GFE)
Written estimation of closing costs that would be included as part of an approved mortgage loan.
RELATED MORTGAGE TERMS: Closing Costs
MORTGAGE LOAN EXAMPLES: Good Faith Estimate
Government Monitoring Information
In terms of a mortgage loan application, it is the section requesting information for the Federal Government for certain types of mortgage loans to ensure the lenderís compliance with equal credit opportunity, fair housing and home mortgage disclosure laws.
RELATED MORTGAGE TERMS: Uniform Residential Loan Application (1003)
MORTGAGE LOAN EXAMPLES: Goverment Monitoring Information
Grace Period
Period of time beyond a purchase using an indivual's credit where lates fees or finance charges are not accrued.
Graduated Payment Mortgage (GPM)
Mortgage loan program in which the monthly payment gradually increases by a constant amount for a specified period of time, and then remains fixed for the remaining term of the loan.
RELATED MORTGAGE TERMS: Graduation Rate
MORTGAGE LOAN EXAMPLES: Graduated Payment Mortgage Loan
Graduation Rate
Fixed percentage increase of a monthly payment for a graduated payment mortgage loan.
RELATED MORTGAGE TERMS: Graduated Payment Mortgage (GPM)
Gross Domestic Product (GDP)
Market value for the total of all produced goods and services within the territory of a nation during a given period of time.
RELATED MORTGAGE TERMS: Gross National Product
Gross Income
Total income received for a year before it is reduced by taxes and all other deductions.
Gross National Product (GNP)
Market value for the total of all produced goods and services by a nation both domestically and abroad during a given period of time.
RELATED MORTGAGE TERMS: Gross Domestic Product
Growing Equity Mortgage (GEM)
Fixed rate mortgage loan program where the monthly payment increases over an established period of time, resulting in an accelerated payment of the principal balance.
MORTGAGE LOAN EXAMPLES: Growing Equity Mortgage Loan
Guaranty
Pledge by an individual to repay the debt of another individual who defaults according to the terms of their contract.
MORTGAGE LOAN EXAMPLES: Guaranty
Guaranteed Mortgage
Mortgage loan that has been guaranteed by the government or other third party.

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