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Glossary G
Ginnie Mae (GNMA)
See Government National Mortgage Association
Good Faith Estimate
A written estimate of the costs the borrower will incur in reference to the loan. By law, this must be given to the borrower within 3 days of application.
Government National Mortgage Association
A government agency that provides funds for VA and FHA Loans.
GPM
See Graduated Payment Mortgage
Graduated Payment Mortgage (GPM)
A type of flexible-payment mortgage where the payments increase for a specific period of time and then level off. This type of loan has negative amortization built into it
Grace Period
The period of time in which a payment may be made after its due date before a late charge is added.
Gross Income
Total monthly or yearly income before taxes or expenses is deducted.
Growing Equity Mortgage
This is a fixed rate loan where the payments increase each year, thus paying down the mortgage faster.
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Letter A