A | B | C | D | E | F | G | H | I | JK | L | M | N | O | P | Q | R | S | T | U | V | W | YZ |     Home Garnishment A legal proceeding under which a person’s money in control of another, such as salary, is taken for payment of a debt. The amount taken is set by stature, and in most states, a judgment is necessary before garnishment. General Membership A partnership made up of general partners, without special (limited) partners. 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. Georgian Architecture A colonial style of architecture dating back to the eighteenth century. Characterized by first floor windows extending to the ground, its exterior placements (windows, doors, etc.) are simple and well balanced, yet formal in appearance. Gerrymander To divide an area into districts, against the obvious natural divisions, in order to accomplish an unlawful purpose. Gift Letter A Gift Letter is a gift of funds given to the borrower in order for them to purchase a home. The letter must indicate that no repayment of the gift is expected. The amount of the gift and the date the funds were transferred should be indicated in the letter. The donor, with the proper identification, can be from relatives, friends, an employer, church, municipality, or non-profit organization. The letter must include the donor's name, address, telephone number, and relation to the borrower. Gifts Money received from a relative or close friend to assist in the purchase of a home. Good Faith Deposit A deposit made by a purchaser of property to show they are serious about the purchase. Good Faith Estimate (GFE) A document that tells borrowers an estimate of the settlement charges the mortgagor incurs at closing. Under the requirements of the Real Estate Settlement Procedures Act (RESPA), a borrower must receive a GFE within three business days after the loan application is received. Government Loans FHA / VA Government loans are loans that are guaranteed or purchased by government organizations. Two of the most popular Government Loans are the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). Government National Mortgage Association (GNMA) A goverment-owned agency, also known as "Ginnie Mae," that provides sources of funds for residential mortgages. Guaranteed or insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA). Grace Period A specified time (typically 15 days) after a mortgage payment is due, in which the lender will not charge a late penalty. Graduated Payment Mortgage (GPM) A mortgage where the payments are scheduled to increase, usually annually, for a set number of years, and then level off. GPM can be used with either a fixed or adjustable interest rate, and usually has a 30-year term. Grantee That party in the deed who is the buyer or recipient. Grantor The party in the deed who is the seller or giver. Gross Income Total personal income, before the deduction of taxes and expenses. 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 Mortgage A mortgage that is guaranteed by a third party if the original party fails to pay. Guaranty To accept responsibility for an obligation if the original party fails to pay or perform according to a contract.