| Term | Definition |
|---|
| garden home | See patio home |
| gated community | A neighborhood or group of neighborhoods, usually surrounded by masonary walls, restricting access through the use of a manned guard station or electronically operated gates. The electronic gates may be opened through the use of individual remote controls and/or a numeric keypad and code. Some gated communities restrict entry at all times, while others only limit access during the evening hours. The costs associated with maintaining a manned guard gate can significantly impact monthly maintenance fees, depending on the size of the community. |
| general lien | A lien that includes all the property owned by a debtor, rather than a specific property. Contrast with Specific Lien. |
| general warranty deed | A deed in which the grantor fully warrants good and clear title to the property. A general warranty deed offers the most protection of any deed. |
| Ginnie Mae | The common nickname for the Government National Mortgage Association. Ginnie Mae was created in 1968 as a wholly owned corporation within the Department of Housing and Urban Development (HUD), having been separated from Fannie Mae. Ginnie Mae does not loan money for mortgages. Instead, it operate in the secondary mortgage market, buying loans and selling mortgage-backed securities investors, which in turn, increases the availability of mortgage credit. |
| GNMA | Acronym - Government National Mortgage Association, also known as "Ginnie Mae" |
| good faith estimate | A written estimate of closing costs which a lender must provide you within three days of submitting an application. |
| Government National Mortgage Association | See Ginnie Mae. |
| government survey method | A system of land description which uses meridians (north and south lines) and base lines (east and west lines). Areas include quadrangles (24 miles on each side), townships (6 miles on each side), and sections (1 mile on each side). Also known as the Rectangular Survey Method. Contrast with metes and bounds, and recorded plat (Lot and Block Number) method. |
| grace period | A period of time during which a loan payment may be paid after its due date but not incur a late penalty. Such late payments may be reported on your credit report. |
