Real Estate definitions beginning with G

General Contractor - permalink - collapse

All > Business > Real Estate

A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Bridge Loan, Construction Loan, End loan, Interim loan, Piggyback loan, Punch List, Savings and loan association (S&L), Take out loan

General partnership - permalink - collapse

All > Business > Real Estate

A partnership made up of general partners, without special (limited) partners; that is, no partner's liability is limited.
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Capital or Cash Reserves, Joint venture, Limited partnership, money-market account, Partnership

Gift - permalink - collapse

All > Business > Real Estate

A sum of money, including amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Bankruptcy, debt, Deed-in-Lieu, Financing, Global Debt Facility, Mutual Funds, Pre-foreclosure Sale, Soldiers and Sailors Civil Relief Act

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Gift Letter - permalink - collapse

All > Business > Real Estate

A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don't have to repay it. You can use this money towards a portion of your down payment with some mortgages.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Charge-off, Cushion, Interest, Loan, PITI, PITI Reserves, Principal, interest, taxes, and insurance payment (PITI), Principal, Interest, Taxes, and Insurance (PITI), Reinstatement Period, taxes

Ginnie Mae - permalink - collapse

All > Business > Real Estate

A federal association, working with FHA, that offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Ginnie Mae's two main programs guarantee payments to investors in mortgage-backed securities, and absorb the write-down of low-interest rate loans that are used to finance low-income housing. Formerly known as the "Government National Mortgage Association (GNMA)."
U.S. Census Bureau - Cite This Source - This Definition
Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.
US Department of Housing and Urban Development - Cite This Source - This Definition
Nickname for Government National Mortgage Association (GNMA).
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Government National Mortgage Association (Ginnie Mae), Government National Mortgage Association (GNMA or Ginnie Mae), mortgage banker, Secondary market, Secondary Mortgage Market

Global Debt Facility - permalink - collapse

All > Business > Real Estate

Designed to allow investors all over the world to purchase debt (loans) of U.S. dollar and foreign currency through a variety of clearing systems.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: Bankruptcy, debt, Deed-in-Lieu, Financing, Gift, Mutual Funds, Pre-foreclosure Sale, Soldiers and Sailors Civil Relief Act

Good faith estimate - permalink - collapse

All > Business > Real Estate

An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
US Department of Housing and Urban Development - Cite This Source - This Definition
The estimate on closing costs and monthly mortgage payments provided by a lender to the homebuyer within 3 days of applying for a loan.
Ginnie Mae - Cite This Source - This Definition
An estimated breakdown of the costs of a mortgage loan. The Real Estate Settlement Procedures Act (RESPA) requires your mortgage lender to give you a good faith estimate of all your closing costs within 3 business days of submitting your application for a loan, whether you are purchasing or refinancing a home. The actual expenses at closing may be somewhat different from the good faith estimate.
The Federal Reserve Board - Cite This Source - This Definition
A form required by the Real Estate Settlement and Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection with the mortgage transaction.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Bona fide, closing (or settlement) costs, Closing statement, HUD-1 Settlement Statement, HUD1 Statement, No Cost Loan, Real Estate Settlement Procedures Act (RESPA), RESPA, settlement costs, Settlement Statement, Uniform Settlement Statement

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Government Mortgage - permalink - collapse

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A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA) or guaranteed by the U. S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Certificate of Eligibility, conventional loan, Conventional Mortgage, Small Business Administration (SBA), VA Guaranteed Loan, VA loan, VA Mortgage, VA mortgage loan, VA (Department of Veterans Affairs), VA (Veterans Affairs, U.S. Department of), Veterans' Administration (VA)

Government National Mortgage Association (Ginnie Mae) - permalink - collapse

All > Business > Real Estate

A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD) that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Popularly known as Ginnie Mae.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Ginnie Mae, Government National Mortgage Association (GNMA or Ginnie Mae), mortgage banker, Secondary market, Secondary Mortgage Market

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Government National Mortgage Association (GNMA or Ginnie Mae) - permalink - collapse

All > Business > Real Estate

A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Fannie Mae, Fannie Mae-Seller/Servicer, Federal National Mortgage Association (FNMA or Fannie Mae), FNMA, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), mortgage banker, Secondary market, Secondary Mortgage Market

graduated payment mortgage (GPM) - permalink - collapse

All > Business > Real Estate

A mortgage requiring lower payments in early years than in later years. Payments increase in steps until the installments are sufficient to amortize the loan. Allows for negative amortization in the early years.
U.S. Census Bureau - Cite This Source - This Definition
A fixed-interest loan with lower payments in the early years than in the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period.
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Amortization, Flexible payment mortgage (FPM), Fully Amortized Mortgage, Level payment mortgage, Negative amortization, Remaining Term, Self-amortizing mortgage, term

Graduated Payment Mortgages - permalink - collapse

All > Business > Real Estate

Mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan. Graduated payment loans may be good if you expect your annual income to increase.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: biweekly mortgage, Biweekly Payment Mortgage, Deferred payments, Fixed payment mortgage, Soft Second Loan

Grantee - permalink - collapse

All > Business > Real Estate

An individual to whom an interest in real property is conveyed.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: assignment, Blanket mortgage, Estate, Eviction, Executor, Fixture, Grantor, Lender, Personal property, Property (Fixture and Non-Fixture)

Grantor - permalink - collapse

All > Business > Real Estate

An individual conveying an interest in real property.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: assignment, Blanket mortgage, Estate, Eviction, Executor, Fixture, Grantee, Lender, Personal property, Property (Fixture and Non-Fixture)

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All > Law > Common Legal Terms

The rent paid on leased land. Same as "land rent."
U.S. Census Bureau - Cite This Source - This Definition
Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a long-term lease on it).
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Land rent, zoning