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 Loan Terms

Loan Definitions
Loan Terms (A)
Loan Terms (B)
Loan Terms (C)
Loan Terms (D)
Loan Terms (E)
Loan Terms (F)
Loan Terms (G)
Loan Terms (H)
Loan Terms (I)
Loan Terms (J & K)
Loan Terms (L)
Loan Terms (M)
Loan Terms (N)
Loan Terms (O)
Loan Terms (P & Q)
Loan Terms (R)
Loan Terms (S)
Loan Terms (T)
Loan Terms (U & V)
Loan Terms (W)
Loan Terms (X,Y,Z)


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The Mortgage Process


Loan Terms and Definitions (G)

Garnishment: A garnishment is a legal proceeding by which money is taken from an individual's salary or bank account without his or her consent to satisfy a lien or a debt.

General Partnership: A business relationship made up of two or more individuals who share in the profits and the losses and have the authority to bind the partnership.

Gift: In real estate, a gift is an amount of money that is given to the borrower that can be used as a down payment for the purchase of a home or other property. These funds are usually given by a family member or a close friend.

Gift Letter: A letter written to the lender stating that a sum of money has been given to the borrower, as a gift, to purchase a property and that the money does not have to be repaid.

Ginnie Mae (Government National Mortgage Association): A government corporation formed to purchase FHA and VA loans in the secondary mortgage market from mortgage lenders, banks, and savings and loans.

Good Faith Estimate: An estimate of the closing costs that are necessary to close an escrow. The good faith estimate should be issued to a borrower within 72 hours of the receipt of the loan application by the lender or mortgage broker.

Graduated Payment Mortgage: A mortgage with a payment that increases over the life of the loan allowing the borrower to make lower payments at the beginning.

Grant Deed: A type of deed used to transfer real property and contains certain warranties against prior conveyances and encumbrances.

Grantee: An individual or individuals to whom a grant is made.

Grantor: An individual or individuals who does the granting of real property.

Guaranteed Cost Replacement Insurance Policy: An insurance policy that guarantees the rebuilding of a home regardless of the costs. The insurance policy is designed to cover inflationary costs.

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