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Loanfactz DefinitionsGlossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
Gap Insurance Gap means Guaranteed Asset Protection or Guaranteed Auto Protection. Gap insurance coverage for a new vehicle will cover the gap between what you owe on your vehicle and what your insurance company says it's worth if your car gets totalled. Ginnie Mae Government National Mortgage Association (GNMA or Ginnie Mae). Government Guaranteed. A government owned corporation overseen by the United States Department of Housing and Urban Development, Ginnie Mae pools FHA (Federal Housing Administration) insured and VA (Veteran Administration) guaranteed loans to back securities for private investment. As with Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders. Good Faith Estimate An estimate from a lender of all closing fees including prepaid and escrow items as well as lender charges. Must be given to the borrower within three days after submission of a loan application. Grace Period A grace period is the number of days allowed to make a payment after the due date without a penalty applied. Example: your monthly payment is due at the begining of every month, but the grace period allows you to make a payment a few days later without being penalized. Or grace period is the time between the date of a credit card purchase and the date the company starts charging you interest. Grace periods vary for Inusurance Companies, Credit Card Companies, Student Loans, etc. Some accounts may have no grace period. Contact the company about your account and for grace period details. Graduated Payment Mortgage (GPM) Mortgage payments that start out small for the first few years of the loan and increase gradually (usually annually) over a period of time until it remains fixed. This enables a borrower with a limited income, an income that is expected to increase substantially in the next 5 to 10 years, to buy a home sooner. Monthly payments to principal and interest will increase each year for up to 10 years (depending on the GPM plan selected) until the payments are sufficient enough to amortize the loan. A GPM allows for potential negative amortization in the early years of the loan. Gramm-Leach-Bliley Act (GLBA) of 1999 To ensure that financial institutions protect consumer's financial information. This federal law requires your financial institutions to provide notices describing the type of information they intend to share with third parties and how customers may opt out or say no to information sharing under certain circumstances. More about Gramm-Leach-Bliley Act Grantee A person who receives a grant. Grantor A person who makes a grant. Gross Monthly Income The income you earn in a month before taxes and other deductions. Under certain circumstances, it may also include rental income, self employed income, income from alimony, child support, public assistance payments, and retirement benefits. |
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