Realty and Mortgage Terms and Definitions
Gain - An increase in monetary or property value.
Gap Loan - Short-term financing, usually to cover a gap in time between a person’s purchase of a home and that person’s later receipt of funds, usually from the sale of their previous home. Sometimes called a bridge loan or swing loan.
Garden Apartment - An apartment housing complex where the tenants have free access to a lawn or garden area.
Gated Community - A private, fenced-in housing development, sometimes employing security guards.
Gift Letter - A letter required in order for a buyer to furnish part of a down payment from a gift. The letter must state that its author has no intention of recouping his or her gift.
Good Faith Estimate - A written estimate of the closing costs the borrower will have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.
Government mortgage - A mortgage that is guaranteed by the Department of Veterans Affairs (VA) or, is insured by the Federal Housing Administration (FHA). Compare with conventional mortgage.
Government National Mortgage Association (GNMA) - A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created in 1968, GNMA assumed responsibility for the special assistance loan program formerly administered by FNMA. Commonly called Ginnie Mae.
Grant - A technical term used in deeds of conveyance of property to indicate a transfer.
Grantee - The person to whom an interest in real property is conveyed.
Grantor - The person conveying an interest in real property.
Gross Domestic Product (GDP) - Measures aggregate economic activity available, encompassing every sector of the economy. Quarterly percent changes (at an annualized rate) in GDP reflect the growth rate of total economic output. GDP growth is widely followed as the primary indicator of the strength of economic activity. Frequency: quarterly. Source: Commerce Department.
Ground Rent - The amount of money that is paid for the use of land when title to a property is held as a lease hold estate rather than a fee simple estate.
Group Home - A residential building designed for unrelated, persons with special needs. These homes provide long-term shelter and support services that are residential in nature.
Growing Equity Mortgage (GEM) - A fixed-rate mortgage that involves scheduled payment increases over a specified period of time. The increase amount of the monthly payment is applied directly to the remaining principal balance.
Guarantee Mortgage - A home loan that is guaranteed by a third party.