| General Lien | A lien such as a tax lien or judgment lien, which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property. |
| 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. |
| GNMA/Ginnie Mae | A government owned agency that acts as a secondary market conduit for FHA and VA loans. GNMA guarantees the timely principal and interest payments to investors. |
| Good Faith Estimate | An estimate of charges, which a borrower is likely to incur in connection with a loan closing. |
| Goverment Loans FHA / VA | Government loans are loans that are guaranteed or purchased by government organizations. Two of the most popular Government Loans are the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). |
| GPM | A mortgage where the payments are scheduled to increase, usually annually, for a set number of years, and then level off. GPM can be used with either a fixed or adjustable interest rate, and usually has a 30-year term. |
| Grandfather Clause | The clause in a law permitting the continuation of a use, business, etc., which was permissible but because of a change in the law is now no longer permissible. |
| Grantee | The buyer, who receives a deed. That party in the deed who is the buyer or recipient. |
| Grantor | The seller, who gives a deed. That party in the deed who is the seller or giver. |
| Grantor | The seller, who gives a deed. That party in the deed who is the seller or giver. |
| Gross Monthly Income | The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan. |
| Ground Rent | Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only. |
| Growing Equity Mortgage | (GEM) A fixed rate, graduated payment mortgage with small initial payments that increase each year so that the loan pays off in a shortened term, usually 15 years. |
1/5/2009 9:51 PM