MORTGAGE DICTIONARY – Fairway Asset Corporation

Morgage Dictionary

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There are currently 4 names in this directory beginning with the letter G.

Gift

Money borrowers receive from an eligible source (non-profit organizations, family, etc.) You can use gift money on any type of loan but remember, loans have their own set of restrictions.

Good Faith Estimate

A loan summary disclosure and an estimate of the charges that will incur upon settlement, now known as a Loan Estimate.

Government Mortgage

A mortgage that is insured by a government agency.

Graduated Payment Mortgage

Intended for young couples who are unable to make the full mortgage payment at the time of singing but whose income will increase over time. A negative amortization mortgage with flexible payment options that gradually increase over time until leveling off.