Ginnie Mae
See Government National Mortgage Association.

GNMA
See Government National Mortgage Association.

Good faith estimate
This document sets out the costs associated with a mortgage, including the interest rate, lender fees, title charges, pre-paid interest and insurance. The government requires that your lender give you a GFE within three days of receiving your loan application. The GFE is only an estimate; some fees can change before closing. Lender fees and the interest rate (if you have locked your rate) may not increase, and certain other costs may not increase by more than 10 percent.

Government National Mortgage Association (GNMA or Ginnie Mae)
A government agency that provides funds for VA and FHA loans.

GPM
See Graduated Payment mortgage.

Graduated Payment Mortgage (GPM)
A mortgage with initial low payments (with potential negative amortization) that increase regularly for several years and then level off.

Grace period
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 or expenses are deducted.

Gross monthly income
The total amount earned by a borrower each month.

Guarantee
To assume liability for another’s debts in the event of default.

Guaranty
A promise by one party to pay a debt or perform an obligation contracted by another in case of that person’s default.