GINNIE MAE: The Government National Mortgage Association, a division of the Department of Housing & Urban Development (HUD). This branch of HUD pools government loans, FHA and VA loans and issues Federally guaranteed pass through certificates to those investors who fund these loans. The certificate assures the investor that they will not lose any of their investment on the insured part of loans made to VA or FHA borrowers.

Good Faith Estimate: A written closing cost estimate issued by a loan officer and/or lender. It must be issued within 3 business days of application for a home loan. It is an estimate, subject to differences in market conditions and specifics to individual contracts.

Grace Period: A period of time granted by a creditor in which to pay the balance of a debt in full and avoid any interest charges. This is a particularly good feature to have on a credit card.

Graduated payment mortgages: The loans allow for a lower interest rate in the beginning years of the loan and then finally set at a fixed rate for the life of the loan. They are not commonly used today.

Grantee: A person receiving or acquiring title to real estate.

Grantor: A person transferring or giving title. In real estate sales, the seller is the grantor.

Gross Income: The income earned before taxes and other deductions are subtracted. Under certain circumstances, it also may include rental income, investment income, bonuses, commissions, self-employment income, income from alimony, child support, public assistance payments and retirement benefits.