9/10/2010
Agent Login
Glossary
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12 glossary terms found
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Gag rules
A provision in contracts signed by new buyers that prohibits the owners from publicizing complaints about the builder.
General contractor
The person who hires all of the subcontractors and suppliers for a project.
Gift
A cash gift a buyer receives from a relative or other source. Lenders usually require a "gift letter" stating that the money will not have to be repaid.
Good-faith estimate
An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.
Government National Mortgage Assoc.
Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Ginnie Mae differs from its cousins, Fannie Mae and Freddie Mac, in that it only purchases loans backed by the federal government.
Grace period
A specified amount of time to make a loan payment after its due date without penalty.
Graduated-payment mortgage (GPM)
A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.
Grantee
A person conveyed an interest in a piece of property.
Grantor
The person who conveys an interest in a piece of property to another person.
Gross income
The total income of a household before taxes or expenses are subtracted.
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