Mortgage and Real Estate Terms Sorted Alphabetically:
G - good faith estimate, grace period, gradual payment
mortgage (GPM), grantee…more
GOOD FAITH ESTIMATE (GFE) - a written estimate which
you sign, that the lender/loan agent must present
to you within three days of when they receive your
consumer residential real property loan application
credit package. It is a government required document
and must contain a detailed itemization of what the
lender/loan agent proposes to charge you in your home
financing transaction. Although it is not the
"final word", it must be the lender/loan
agent's "best estimate" of the proposed
transaction they think you'll qualify for, at this
early stage in the process. As you'll see, a great
deal of the "costs" are paid out to various
non-affiliated outside vendors and suppliers to the
transaction. This document (the GFE), is where they're
detailed for you, early enough in the process for
you to understand, compare and comment on.
GRACE PERIOD - a period of time (usually measured
in days) after an obligation is due during which a
borrower can perform without incurring a penalty and
without being considered in default.
GRADUATED PAYMENT MORTGAGE (GPM) - a type of flexible
payment mortgage where the payments increase for a
specific period of time, and then level off. Usually
results in negative amortization.
GRANTEE - the person to whom an interest in real
property is conveyed.
GRANTOR - the person conveying an interest in real
property.
GROSS LIVING AREA - the total floor area of a building
measured from the outside of the exterior wall.
GROSS INCOME - total income produced by a rental
type piece of real property, before expenses are deducted.
Contact ForTheBestRate.com for more investment
property mortgage information.
GROSS RENT MULTIPLIER - a figure used to compare
rental properties. It is derived from the relationship
between gross rental income and sales price.
GROWING EQUITY MORTGAGE (GEM) - a graduated payment
mortgage in which increases in a borrower's mortgage
payments are used to accelerate reduction of principal
on the mortgage. Due to increased payments, the borrower
acquires equity more rapidly and retires the debt
earlier.
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
A
- adjustable rate mortgage, adjustment interval, amortization,
annual percentage rate (APR) - more
B
- balloon mortgage, bankruptcy, basis point, beneficiary
- more
C
- caps, cash flow, cash out (second mortgage), cash
out refinance - more
D
- debt consolidation, debt service, debt reduction
plan, debt-to-income ratio - more
E
- earned and unearned income, earnest money, easement,
economic life - more
F
- Fair Credit Reporting Act, fair market value, Fannie
Mae - more
G
- good faith estimate, grace period, gradual payment
mortgage (GPM), grantee - more
H
- home equity, home improvement loan, Home Mortgage
Disclosure Act (HMDA) - more
I
- index, in file credit report, inflation, initial
interest rate, ingress and egress - more
L
- lender buy-down mortgage, liability insurance, LIBOR,
loan application - more
M
- manufactured home, market value, maximum loan amount,
mechanic's liens - more
N
- negative amortized (Neg/AM), Neg AM Loans, negative
cash flow, net worth - more
O
- obsolescence, off-site improvements, on-site improvements,
ordinary income - more
P
- par, partial payment, partnership, party wall, payment
shock - more
Q
- quality control, quit claim deed, quote - more
R
- rate shopper, real property, real estate loans,
reconciliation - more
S
- sales contract, satisfaction or mortgage, seasoned
mortgage, second mortgage - more
T
- tax lien, tenancy in common, tenant, term, title,
title insurance - more
U
- underwriting, unencumbered property, uniform commercial
code (UCC)ï -more
V
- VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee - more
