All of "G" Flashcards
General Contractor
Someone who contracts for the completion of a large project, including materials, hiring and paying subcontractors (helpers) to get the work done.
General Warranty Deed
When a seller promises there are no defects, liens, in the title that were created while the seller owned the property or anyone before them.
Gift Letter
A letter to the lender from a donor that’s a gift of money for the buyer to purchase a specific property. (Must come from a relative or friend but no evidence of repayment required)
Good Faith Estimate
An estimate of the costs of the mortgage loan on a form. (It lists the basic info about the terms when applied for a reverse mortgage)
Government Mortgage
A type of mortgage loan that’s insured by an agency of the federal gov’t. (FHA, VA, RHS-USDA Loans)
RHS- Rural Housing Service
Government National Mortgage Association (Ginnie Mae/GNMA)
A federal corporation that guarantees principal and interest payments on Mortgage-Backed Securities issued by approved leaders.
Graduated Payment Mortgage (GPM)
A mortgage payment that’s lower than the later payment. (The payments will gradually increase as the borrowers income increases over time)
(this could result in a negative amortization)
Grace Period
An extra period of time allowed for taking some required action (like making payments on time) without having any penalty for being late.
Gramm-Leach-Bliley Act 1999 (GLB) (Reg P)
Regulates the collection, disclosure, and protection of consumers non public personal information.
Gross Monthly Income
The total amount of someones income before taxes.
Ground Rent
Rent paid by a tenant under a long-term lease
Growing-Equitity Mortgage (GEM)
A mortgage that is fully amortized over a shorter term than the traditional 30 year mortgage with increasing payments each year. (Rather than remaining fixed and equal over the loan term)
Guarantee
A formal pledge to pay another persons debt.
Guarantee Mortgage
A home loan that a 3rd party guarantees (agrees to) to be responsible for.
