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GFE
See Good Faith Estimate
Ginnie Mae
The nickname for the Government National Mortgage Association, which buys up mortgages in the secondary market and sells them to investors via securities known as pass-through certificates.
Ginnie Mae
See Government National Mortgage Association.
GNMA
See Government National Mortgage Association.
GNMA, or Ginnie Mae
Government agency that provides funds for VA and FHA loans.
Good Faith Estimate
Written estimate of costs the borrower will pay at closing, provided by a lender within three days of loan application.
Grace Period
Period of time during which a loan payment may be made after its due date without incurring a late penalty.
Graduated Payment Mortgage
A mortgage where the payments start out lower so the borrower can qualify easier. The payments will gradually increase over three to five years to a standard fixed payment. This type of mortgage can cause the principal to actually increase for the first few years resulting in you owing more than you initially started with. In some cases the interest on the mortgage will be more than the payment resulting in this strange situation.
Graduated Payment Mortgage (GPM)
Mortgage in which initial low payments (with potential negative amortization) increase regularly for several years and then level off.
Gross income
All of your income from taxable sources, before subtracting any adjustments, deductions or exemptions.
Gross Income
Total income before taxes or expenses are deducted.
Gross Monthly Income
Total monthly income before taxes or expenses are deducted. Used in the loan origination process to calculate borrower's ability to make payments on a loan.
Growing Equity Mortgage
A fixed-rate loan in which payments increase by a predetermined amount each year, reducing the outstanding balance of the loan. This accelerated payment plan allows repayment of a 30-year loan in 15 to 20 years.
Guarantee or Guaranty
A promise by one party to pay a debt or perform an obligation contracted by another in the event of that person's default.