| Term | Definition |
|---|
| Ginnie Mae | The common nickname for the Government National Mortgage Association. Ginnie Mae was created in 1968 as a wholly owned corporation within the Department of Housing and Urban Development (HUD), having been separated from Fannie Mae. Ginnie Mae does not loan money for mortgages. Instead, it operate in the secondary mortgage market, buying loans and selling mortgage-backed securities investors, which in turn, increases the availability of mortgage credit. |
| GNMA | Acronym - Government National Mortgage Association, also known as "Ginnie Mae" |
| good faith estimate | A written estimate of closing costs which a lender must provide you within three days of submitting an application. |
| Government National Mortgage Association | See Ginnie Mae. |
| government survey method | A system of land description which uses meridians (north and south lines) and base lines (east and west lines). Areas include quadrangles (24 miles on each side), townships (6 miles on each side), and sections (1 mile on each side). Also known as the Rectangular Survey Method. Contrast with metes and bounds, and recorded plat (Lot and Block Number) method. |
| grace period | A period of time during which a loan payment may be paid after its due date but not incur a late penalty. Such late payments may be reported on your credit report. |
| grant deed | A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed. |
| grantee | A person to whom real estate is conveyed; the buyer. |
| grantor | A person conveying real estate by deed; the seller. |
| gross debt service | The amount of money needed to pay principal, interest and taxes, and sometimes energy costs. If the dwelling unit is a condominium, all or a portion of common fees are excluded, depending on what expenses are covered. |
