2/17/2018

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 Mortage Definitions

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

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Mortgage Definitions and Terms (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 policy is designed to cover inflationary costs.

 

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