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GLOSSARY
Garnishment
An amount withheld from your pay before you see you see the money and remitted to another party, such as a creditor.
General Contractor
The person or company that is hired to perform work on a construction project, who hires subcontractors, and suppliers.
GFE (Good Faith Estimate)
An estimate of all closing fees including all escrow items as well as lender charges. The lender has three days to give this to the borrower after the submission of a loan application.
Ginnie Mae
Formally known as Government National Mortgage Association. In the US, part of the federal Department of Housing and Urban Development that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies.
Global debt facility
A debt issuance facility through which U.S. dollar and foreign currency debt securities may be offered to investors worldwide with the feature of clearing and settlement through a variety of clearing systems.
Government national mortgage association (GNMA)
Owned by the governemnt it is a corporation under the U.S. Department of Housing and Urban Development (HUD). A congressional chartered company, it provides funds to lenders for purchasing homes. Just like Fannie Mae only it provides funds for government loans like VA and FHA.\n\nSee further FHA mortgage, Veterans administration (VA)
Grace period
A mortgage grace period is the time during which a loan payment may be made after its due date without incurring a late penalty.
Graduate payment mortgage
A home loan where the payments start out smaller and gradually increase over the first few years, after that time it remains fixed.
Grants
Financial Aid which doesn't have to be repaid. Includes Pell grants, SEOG and merit based grants.
Green Mortgage
A "green" or "energy efficient" mortgage is a type of mortgage—that is ultimately rolled into your primary mortgage—that allows you to borrow funds earmarked specifically for energy efficient upgrades to your current home or to a home that you plan to purchase.
Gross dividends
The total amount of dividends you received in the forms of: ordinary dividends, capital gains distributions and nontaxable distributions you received during the tax year.
Gross income
The total sum of all the money, goods and property you receive during the year before you reduce it with deductions or exemptions.
Ground rent
A sum the leaseholder pays for the use if the land only.
Growing equity mortgage
A fixed-rate home loan where payments are increased over a specified period.
Guaranteed mortgage
A home mortgage guaranteed by the government or third party.