Freddie Mac (FHLMC)
Under the umbrella of the federal government, this agency purchases conventional from insured depository institutions and other mortgage bankers.
Good Faith Estimate
A written statement that estimates closing costs the borrower must pay within three days of the loan application.
Government National Mortgage Association (GNMAor Ginnie Mae)
The government entity that provides funds for VA and FHA loans.
Graduated Payment Mortgage
A residential mortgage in which the payments begin low, but increase over the life of the loan.
A person who acquires an interest in land by some official document
A person who transfer an interest in land to another.
Total income before all expenses are deducted.
Gross Monthly Income
The total income earned by a borrower per month before expenses are deducted.
Growing Equity Mortgage
A payment plan that accelerates the repayment of a loan by increasing the payments every year by some predetermined factor. This typically cuts a 30-year repayment loan down to 15-20 years.
A contractual agreement to pay a debt or perform an obligation made by two parties in the event of that person
A party assigned by the courts that oversees and carries out the wishes of a party who cannot represent himself.
An subjective line set by ranking officials in navigable rivers that outlaws any structures from being built passed this line.
A premium that is paid to the insurer that covers the insured against fire damage and other natural disasters.
The person that will inherit lands or other property from a deceased person who did not have an official will.
Home Equity Conversion Mortgage
A reverse annuity mortgage that guarantees the borrower will receive monthly payments in the case that the lender can no longer make payments to the borrower.
Home Equity Loan
A loan secured by the equity of a home that is used for home improvements, major expenses, or debt consolidation.
Home Inspection Report
A comprehensive report completed by a qualified inspector that includes both structural and mechanical systems.
Home Repair Loan
A short-term loan, usually lasting 10 years or less, that is used for repairs and additions to existing structures without affecting the mortgage loan.
Home Warranty Loan
A loan that covers expenses regarding failures in mechanical systems within a property such as plumbing, heating systems, or electrical.
Housing and Urban Development
A U.S. Government agency that oversees the Federal Housing Administration; this agency implements federal housing and community development programs.
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