| Term |
Definition |
| General Warranty Deed
|
A deed which conveys not
only all the grantor's interests in and title to the property to the
grantee, but also warrants that if the title is defective or has a
"cloud" on it (such as mortgage claims, tax liens, title claims,
judgments, or mechanic's liens against it) the grantee may hold the
grantor liable. |
| Ginnie Mae |
Provides sources of funds
for residential mortgages, insured or guaranteed by FHA or VA.. Also
referred to as 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. |
| Grantee |
That party in the deed who
is the buyer or recipient. |
| Grantor |
That party in the deed who
is the seller or giver. |
| Gross Monthly Income
|
The total amount the
borrower earns per month, before any expenses are deducted. |
| Gross Salary |
The total amount of salary
earned before taxes and other deductions are made. Different than
net pay or take home pay, which is the amount of salary after taxes
and other deductions are taken. Lenders look at your gross and net
pay to help decide how much money to lend you. |
| 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.
|
