Speak The Mortgage Lingo: Mortgage Glossary G

clear simple mortgage:

GFE Good Faith Estimate of Buyers Loan Charges.

Ginnie Mae See Government National Mortgage Association.

Government National Mortgage Association (GNMA) Also known as Ginnie Mae, provides sources of funds for residential mortgages, insured or guaranteed by FHA or VA.

Graduated Payment Mortgage (GPM) A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it.

Grant Deed A Grant Deed is the most common form of title transfer deed. A Grant Deed contains warranties against prior conveyances or encumbrances.

Gross Monthly Income The total amount the borrower earns per month, before any expenses are deducted.
Guarantee A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.