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GLOSSARY 'G' |
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1. |
Gift of Equity:
This is a down payment that is gifted to the buyer(s) from the seller(s)based on the property's equity.
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2. |
Good Faith Estimate (GFE):
A document which estimates borrowers costs to be paid at or before settlement.
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3. |
Grace Period:
The time between the mortgage payment due date and the date when late charges are assessed.
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4. |
Graduated Payment Mortgage:
A residential mortgage with monthly payments that start at a low level and increase at the predetermined rate.
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5. |
Grant:
A transfer of real property.
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6. |
Grantee:
The person to whom a grant is made.
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7. |
Grantor:
The person who makes a grant.
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8. |
GRI (Graduate Realtors Institute):
A professional designation granted to a member of the National Association of Realtors who has successfully completed three courses covering Law, Finance and Principles of Real Estate.
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9. |
Gross Income:
Total income before any expenses, taxes or other deductions.
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10. |
Gross Monthly Income:
The total amount the borrower earns per month.
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11. |
Guaranteed Mortgage:
A mortgage that is guaranteed against default.
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