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Gain
An increase in monetary or property value.
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Gap Loan
Short-term financing, usually to cover a gap in time between a person’s purchase of a home and that person’s later receipt of funds, usually from the sale of their previous home. Sometimes called a bridge loan or swing loan.
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Garden Apartment
An apartment housing complex where the tenants have free access to a lawn or garden area.
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Gated Community
A private, fenced-in housing development, sometimes employing security guards.
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Ginnie Mae
Government National Mortgage Association (GNMA). A government-owned corporation within the U. S. Department of Housing and Urban Development (HUD). Created in 1968, GNMA assumed responsibility for the special assistance loan program formerly administered by FNMA.
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Good Faith Estimate
A written estimate of the closing costs the borrower will have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.
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Government mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA) or is insured by the Federal Housing Administration (FHA). Compare with conventional mortgage.
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Government National Mortgage Association (GNMA)
A government-owned corporation within the U. S. Department of Housing and Urban Development (HUD). Created in 1968, GNMA assumed responsibility for the special assistance loan program formerly administered by FNMA. Commonly called Ginnie Mae.
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Grant
A technical term used in deeds of conveyance of property to indicate a transfer.
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Grantee
The person to whom an interest in real property is conveyed.
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Grantor
The person conveying an interest in real property.
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Gross Income
The total income of a household before taxes or expenses are subtracted.
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Growing Equity Mortgage (GEM)
A fixed-rate mortgage that involves scheduled payment increases over a specified period of time. The increase amount of the monthly payment is applied directly to the remaining principal balance.
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