Mortgage Glossary - G

Definitions of Mortgage Terms

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Good Faith Estimate Grace Period Graduated Payment Mortgage Guaranteed Mortgage

 

• Good Faith Estimate - Often called a GFE. A written estimate of expected closing costs that a lender must provide a prospective homebuyer within three days of the homeowner submitting a mortgage loan application. Brokers and lenders are required by law to make as accurate an estimate as they can.
• Grace Period - The period of time after the due date that's allowed before a penalty is charged.
• Graduated Payment Mortgage- A home loan that starts out with smaller payments that gradually increase over the first few years, then remain fixed.
• Growing Equity Mortgage - A fixed-rate home loan in which payments are increased over a specified period, resulting in quicker payment of principal.
• Guaranteed Mortgage - A home loan guaranteed by a government agency or other third party.