|
- G -
General Contractor
A general contractor is someone whom you may work closely
with during your home improvement project. The general
contractor is the person who oversees the construction
project and handles various aspects such as scheduling
workers and ordering supplies.
If you are borrowing mortgage funds to renovate a home,
your lender may need to review whether your contractor
meets all federal, state, and local registration, licensing
and certification standards.
Good Faith Estimate
The good-faith estimate is a report from your lender
that outlines the costs you will incur to get your mortgage.
It is based on the lender's typical loan origination
costs for the area where your home is located. The estimate
usually changes between application and closing, so
you'll want to review your settlement form before the
closing meeting.
The settlement form will list the actual amount of
money you'll need to bring to closing. You'll need to
pay your closing costs in the form of a certified or
cashier's check because personal checks usually are
not accepted.
Government Mortgage
A mortgage that is insured by the Federal Housing Administration
(FHA) or guaranteed by the Department of Veterans Affairs
(VA) or the Rural Housing Service (RHS). Contrast with
conventional mortage.
Government National Mortgage Association
A government-owned corporation within the U.S. Department
of Housing and Urban Development (HUD). Created by Congress
on September 1, 1968, GNMA assumed responsibility for
the special assistance loan program formerly administered
by Fannie Mae. Popularly known as Ginnie Mae.
Grantee
The person to whom an interest in real property is conveyed.
Grantor
The person conveying an interest in real property.
Ground Rent
The amount of money that is paid for the use of land
when title to a property is held as a leasehold estate
rather than as a fee simple estate.
Growing-Equity Mortgage (GEM)
A fixed-rate mortgage that provides scheduled payment
increases over an established period of time, with the
increased amount of the monthly payment applied directly
toward reducing the remaining balance of the mortgage.
Guarantee Mortgage
A mortgage that is guaranteed by a third party.
Guaranteed Loan
Also known as a government mortgage.
|
