General Warranty Deed
A deed which conveys not only all the grantor's
interests in and title to the property to the
grantee, but also warrants that if the title is
defective or has a "cloud" on it (such
as mortgage claims, tax liens, title claims,
judgments, or mechanic's liens against it) the
grantee may hold the grantor liable.
Gift funds
Funds donated to the borrower from certain
eligible sources to assist the borrower in meeting
closing costs. Generally, eligible sources are a
relative, church, municipality, or nonprofit
organization.
Ginnie Mae
Nickname for Government National Mortgage
Association (GNMA).
Government National Mortgage Association
(GNMA or Ginnie Mae)
A government organization that participates in the
secondary market, buying, selling and guaranteeing
FHA and VA loans.
Good Faith Estimate
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.
Grace Period
Period of time during which a loan payment may be
made after its due date without incurring a late
penalty. The grace period is specified as part of
the terms of the loan in the Note.
Graduated Payment Mortgage (GPM)
A mortgage that has initial monthly payments set
at an amount lower than that required for full
amortization of the debt. The payments are then
increased by a specified percentage each year
during the graduated payment period. At the end of
the period, payments are in an amount that will
fully amortize the mortgage.
Grantee
That party in the deed who is the buyer or
recipient.
Grantor
That party in the deed who is the seller or giver.
Gross Income
Total income before taxes or expenses are
deducted.
