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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
GNMA A government-owned corporation that assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae.
Grace Period A period of time during which a loan payment may be made after its due date without incurring a late penalty.
Gross Before taxes
Gross Income Total income before taxes and expenses are deducted
Growing-Equity Mortgage (GEM) A fixed-rate mortgage that provides scheduled payment increases over an established period of time. The increased amount of the monthly payment is applied directly toward reducing the remaining balance of the mortgage.
Guarantee To assume liability for another’s debts in the event of a default
Guarantee Mortgage A mortgage that is guaranteed by a third party.

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