chicago real estate glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
General Contractor:
A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.
Gift Letter:
A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don't have to repay it. You can use this money towards a portion of your down payment with some mortgages.
Good-Faith Estimate:
A form required by the Real Estate Settlement and Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection with the mortgage transaction.
Government Mortgage:
A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA) or guaranteed by the U. S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).
Government National Mortgage Association (Ginnie Mae):
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD) that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies. Popularly known as Ginnie Mae.
Gross Monthly Income:
The income you earn in a month before taxes and other deductions. It may also include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits.
Ground Rent:
Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a long-term lease on it).
Growing-Equity Mortgage (GEM):
A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance and loan term.
Prepared by and used with the permission of the FTC.
