Montrose, CO Office

Moab, UT Office

Good Faith Estimate - Written estimate of costs the borrower must pay at closing, provided by a lender within three days of a loan application.

Government National Mortgage Association (GNMA, or Ginnie Mae) - Government agency that provides funds for VA and FHA loans.

Graduated Payment Mortgage (GPM) - Mortgage in which initial low payments (with potential negative amortization) increase regularly for several years and then level off.

Grace Period - Period of time during which a loan payment may be made after its due date without incurring a late penalty.

Gross Income - Total income before taxes or expenses are deducted.

Gross Monthly Income - The total amount earned by the borrower each month.

Growing Equity Mortgage - A fixed-rate loan in which payments increase by a predetermined amount each year, reducing the outstanding balance of the loan. This accelerated payment plan allows repayment of a 30-year loan in 15 to 20 years.

Guarantee or Guaranty - A promise by one party to pay a debt or perform an obligation contracted by another in the event of that person's default.