Debt Consolidation Glossary of Terms

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 |

Glossary - G

good faith estimate
A written estimate of closing costs that a lender must provide a prospective home buyer within three days of submitting a mortgage loan application. The best approach is to request this list before choosing a loan.

Ginnie Mae
Also known as the Government National Mortgage Association, a part of the federal Department of Housing and Urban Development that guarantees securities backed by mortgages that are insured or guaranteed by other government agencies.

Gross income
This is all the money, goods and property you receive during the year before you reduce it by using adjustments, deductions or exemptions. People who use the barter system have to include the value of whatever they've received in exchanged for services as part of their gross income.

Growing-equity mortgage
A fixed-rate home loan in which payments are increased over a specified period, resulting in quicker payment of principal.