Real Estate Glossary

Good faith estimate (GFE):

A written estimate provided by a mortgage lender of the closing costs a borrower can expect to pay at or before settlement. This estimate must be mailed or delivered to all loan applicants within three (3) business days after a loan application is received.



Government mortgage:

A mortgage that is insured by the Federal Housing Administration (FHA) or which is guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Contrast with conventional mortgage.



Government National Mortgage Association (GNMA):

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 and that serves as a secondary market source. Also known as Ginnie Mae.



Grantee:

The person who is the recipient of an interest in real property from the Grantor.



Grantor:

The person or party who transfers an interest in real property to another person.



Gross income:

Total monthly or annual income before any taxes or expenses are deducted.



Guaranteed loan:

Any loan guaranteed by a government agency, such as the FHA, SBA, VA or other interested party.



Guaranty:

A legal document or promise of repayment for a particular debt. In a foreclosure proceeding, the guaranty can be used as a basis for obtaining a deficiency judgment. The guarantor is the party obligated to repay the debt, and a guarantor can be a person or an entity.


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