Glossary of Mortgage Terms

A (14) | B (6) | C (19) | D (8) | E (6) | F (12) | G (5) | H (8) | I (7) | J (2) | K (1) | L (7) | M (12) | N (4) | O (2) | P (11) | Q (1) | R (8) | S (5) | T (8) | U (3) | V (3) | W (2) | Y (1) | Z (1)
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graduated payment mortgage (GPM)

A fixed-interest loan with lower payments in the early years than the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period.

Government National Mortgage Association (GNMA or Ginnie Mae)

A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.

good faith estimate

Estimate on closing costs and monthly mortgage payments provided by the lender to the homebuyer within 3 days of applying for a loan.

Ginnie Mae

Nickname for Government National Mortgage Association (GNMA).

gift

This includes amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.