G

Garnishment
A legal proceeding in which money or property that is owed to you is applied to the payment of the debt.

General Warranty Deed
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.

Good Faith Estimate
A preliminary estimate of the fees associated with closing a loan that is given to you within three business days of submitting a loan application.

Government Loan
A loan that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Contrast with conventional loan.

Grace Period
A period of time during which a loan payment may be paid after its due date but not incur a late penalty. Such late payments may be reported on your credit report.

Graduated Payment Mortgage (GPM)
A type of mortgage that allows for a lower initial payment that increases over time, and then levels off. The difference between the lower initial payment and the required amortized payment is added to the unpaid principal balance, and referred as negative amortization.

Grantee
The person to whom an interest in real property is conveyed (e.g. the buyer).

Grantor
The person who conveys an interest in real property (e.g. the seller).

Gross Income
Income before taxes, deductions, and allowances have been subtracted.

Ground Rent
The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple estate.

Group Home
A single-family residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides long-term housing and support services that are residential in nature.

Growing Equity Mortgage
(GEM) A fixed rate, graduated payment mortgage with small initial payments that increase each year so that the loan pays off in a shortened term, usually 15 years.

Guarantee
A promise by one party to pay a debt or perform an obligation if the person with primary liability fails to pay or perform, as required.

Guardian
The person legally designated as being responsible for the minor children and/or personal property of another person.