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-G-

Gift Grant deed
Gift deed Grantee
Good Faith Estimate Grantor
Government mortgage Guaratee mortgage

Gift
A voluntary transfer of money without an intent to later recover the loss

Someone, such as a friend or relative, may choose to help pay the down payment on a new home by giving the buyer a sum of money. In this situation, the lender will require a gift letter stating that the money does not have to be repaid. A copy of the giver’s bank statements will also have to be submitted to the lender to prove that the funds for the gift are actually in the giver’s possession. Finally, a receipt of the transfer, when it takes place, will need to be provided to the lender.

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Gift deed
A document used by a home owner to present ownership of that home as a present to another individual

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Good Faith Estimate
An estimate of the total costs of a loan used to buy or refinance a home

After you apply for a loan, a lender or broker is required by law to send you a Good Faith Estimate within 3 days. The costs may include lender and broker fees, loan-related fees, and third-party fees, such as the title insurance and appraisal.

See: Closing costs, Closing statement

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Government mortgage
A loan that is guaranteed by the government

Government loans are normally easier to qualify for because they require less of a down payment than non-government loans. Some government agencies, such as the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) only insure loans, which means the government repays part of the loan in case of default, making the loan less risky for lenders.

See: FHA mortgage, VA loan
Compare: Conventional mortgage

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Grant deed
A document used to transfer ownership of a property

See: Deed, Deed of trust

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Grantee
The new owner of a property

Grantee is another term for the buyer. When you buy a home, you become the grantee when you receive the deed. Anyone else who is on the deed is also a grantee.

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Grantor
A person who hands over ownership of a property to someone else

Grantor is another word for seller. When you sell your home, you become the grantor when you transfer the rights of ownership on your property to the grantee (buyer).

Compare: Grantee

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Guarantee mortgage
A loan guaranteed by someone other than the lender or borrower

See: FHA mortgage, VA loan

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