Washington State Department of Financial Institutions

Glossary of Terms

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Gift Letter - A letter that a family member writes verifying that he/she has given you a certain amount of money as a gift and that you do not have to repay it. You can use this money towards a portion of your down payment through some mortgage products.

Ginnie Mae - Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-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 (GFE) - An itemized list of the estimated closing costs. By law, lenders or brokers must provide this list within 3 business days of receipt of the application. The GFE is intended to assure that consumers have adequate information about closing costs early on to enable them to comparison shop. The Real Estate Settlement Procedures Act requires this disclosure.

Government Bonds - Obligations of the U.S. Government, regarded as the highest grade securities issues.

Grace Period - A period of time after a due date not subject to late charges or cancellation penalties.

Grantor - A person, or its successors, who executes a deed of trust to encumber the person's interest in property as security for the performance of all or part of the borrower's obligations. RCW 61.24.005(1).

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.