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Glossary of Mortgage and Home Equity Terms

To navigate through our glossary, click on the first letter of the word you’re looking for.
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Gift Letter
A written explanation signed by the individual giving the gift stating, "This is a bona fide gift, and there is no obligation expressed or implied to repay this sum at any time."
Ginnie Mae
Created in 1968 by an amendment to Title III of the National Housing Act (12 USC 1716 et seq.), this federal government corporation is a constituent part of the Department of Housing and Urban Development. Among other governmental functions, it guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Also called Government National Mortgage Association (GNMA).
Good Faith Estimate (GFE)
A document provided within three days of application that shows borrowers the approximate costs of the transaction, based on common practice in the locality. Under requirements of the Real Estate Settlement Procedures Act (RESPA), the loan originator must deliver or mail the GFE to the applicant.
Government National Mortgage Association (GNMA)
See Ginnie Mae.
Gross Income
Total income before any expenses are deducted.
Gross Monthly Income
Total monthly income earned before tax and other deductions.
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