Glossary of Terms: G

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Gift Funds:
Funds that a borrower receives which do not have to be repaid at any time.

Good Faith Estimate (GFE):
An itemized document which contains the estimated costs that the borrower will pay at or before settlement. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide the GSE to the borrower within three business days of the application.

Graduated Payment Mortgage (GPM):
A type of flexible payment mortgage where the payments increase for a specific period of time and then level off.

Grantee:
The person in the deed who is the buyer or recipient.

Grantor:
The person in the deed who is the seller or giver. Also known as the settler or trustor.

Gross Income:
All the money, goods and property that you have received before reducing it by exemptions, reductions or expenses.