Good Faith Estimate

A written statement that estimates closing costs the borrower must pay within three days of the loan application.

Government National Mortgage Association (GNMAor Ginnie Mae)

The government entity that provides funds for VA and FHA loans.

Graduated Payment Mortgage

A residential mortgage in which the payments begin low, but increase over the life of the loan.


A person who acquires an interest in land by some official document


A person who transfer an interest in land to another.

Gross Income

Total income before all expenses are deducted.

Gross Monthly Income

The total income earned by a borrower per month before expenses are deducted.

Growing Equity Mortgage

A payment plan that accelerates the repayment of a loan by increasing the payments every year by some predetermined factor. This typically cuts a 30-year repayment loan down to 15-20 years.


A contractual agreement to pay a debt or perform an obligation made by two parties in the event of that person


A party assigned by the courts that oversees and carries out the wishes of a party who cannot represent himself.

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