Glossary - G

Ginnie Mae
Government National Mortgage Association (also GNMA) is a wholly-owned United States corporation that guarantees privately issued securities backed by pools of mortgages insured by FHA (Federal Housing Administration), FMHA (Farmers Home Administration) or VA (Veterans Administration).

 

Good Faith Estimate
The estimate on closing costs and monthly mortgage payments provided by a lender to a homebuyer applying for a loan.

 

Graduated Payment Mortgage
A loan in which monthly payments are relatively small in the beginning and gradually increase in dollar amount over the life of the mortgage.

 

Grantee
A person who acquires an interest in land by deed, grant, or other written instrument.

 

Grantor
A person, who, by a written instrument, transfers an interest in land to another.

 

Guardian
One appointed by the court to administer the affairs of an individual not capable of administering his or her own affairs.

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