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G

Good Faith Estimate

An estimate of charges which a borrower is likely to incur in connection with a loan closing.

Government Loan

A type of mortgage insured by the FHA (Federal Housing Authority), VA (Veteran's Administration), or RHS (Rural Housing Authority).

Government National Mortgage Association

Provides funds for government loans and takes over special assistance and liquidation functions of Fannie Mae.

Grace Period

A time allowed, usually 15 days, for making late payments without a penalty.

Grantee

The person to whom an interest in real property is conveyed.

Grantor

The person conveying an interest in real property.

Gross Monthly Income

The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan.