Real Estate terms starting with G

33 terms

  1. Gable The upper portion of an end wall formed by the slope of a roof.
  2. Galvanized Iron Iron that has been coated with zinc to inhibit rusting.
  3. Garn-St. Germain Depository Institutions Act Legislation enacted in 1982 that provided the thrift industry more flexibility in managing assets and liabilities.
  4. General Contractor A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.
  5. General partnership A partnership made up of general partners, without special (limited) partners; that is, no partner's liability is limited.
  6. geocode Geocode refers to the combination of applicable codes for the metropolitan area, state, county and census tract.
  7. Gift A payment, advance, forbearance, rendering, or deposit of money, or anything of value, unless consideration of equal or greater value is received by the…
  8. Gift Letter 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.
  9. Ginnie Mae Nickname for Government National Mortgage Association (GNMA).
  10. Glazing The material, usually glass, that fills spaces between sash members (rails, stiles and muntins), commonly referred to as panes or lights.
  11. Glazing Bar See mullion.
  12. Global Debt Facility 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.
  13. Good faith estimate A good faith estimate is a written summary provided by your mortgage lender. It shows the amount you can expect to pay at your real estate closing to…
  14. Good Faith Estimate (GFE) A document which tells borrowers the approximate costs they will pay at or before settlement, based on common practice in the locality.
  15. Gothic Sash A window sash pattern composed of mullions that cross to form pointed arches.
  16. Government Mortgage 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.
  17. Government National Mortgage Association (Ginnie Mae) The Government National Mortgage Association, known as Ginnie Mae, guarantees mortgage-backed securities issued by approved private institutions and…
  18. Government National Mortgage Association (GNMA or Ginnie Mae) A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.
  19. Government-Sponsored Enterprise (GSE) Business organizations chartered and sponsored by the federal government, which include Fannie Mae, Freddie Mac, and the FHLBanks.
  20. Graduated payment mortgage (GPM) A fixed-interest loan with lower payments in the early years than in the later years.
  21. Graduated Payment Mortgages 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…
  22. Grantee An individual to whom an interest in real property is conveyed.
  23. Grantor The person conveying real property by a trust deed as security for the performance of an obligation.
  24. Grille A decorative, openwork grating, usually of iron, used to protect a window, door, or other opening.
  25. Gross Annual Income The income reported is the total gross annual income an institution relied upon in making the credit decision.
  26. Gross Income Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships.
  27. Gross Monthly Income The income you earn in a month before taxes and other deductions. It may also include rental income, self-employed income, income from alimony, child…
  28. Ground Rent 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…
  29. Growing-Equity Mortgage (GEM) A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance…
  30. GSE Abbreviation for government sponsored enterprisesa collection of financial services corporations formed by the United States Congress to reduce interest…
  31. Guarantee A pledge to investors that the issuing company will bear the default risk on the collateral pool of loans, thereby ensuring the timely payment of…
  32. Guaranty Fee Payment to FannieMae from a lender for the assurance of timely principal and interest payments to MBS (Mortgage Backed Security) security holders.
  33. Gutter A shallow channel of metal or wood set immediately below and along the eaves of a building to catch and carry off rainwater.