Dictionary of Mortgage Terms G - I

:: A Dictionary of Mortgage Terms -- G - I

Government National Mortgage Association (GNMA)

The GNMA, also known as "Ginnie Mae," is another institution that provides funding for residential mortgage loans that are insured by the FHA or the VA.

Graduated Payment Mortgage

This type of mortgage features flexible payments that increase for a predetermined period of time and then become fixed.

Guaranty

This is a promise made by a party to pay a debt or follow through on a specified obligation, as contracted by another party.

Hazard Insurance

The insurance company offers this to protect its clients from specified losses, including fires, floods, etc.

Housing Expenses-to-Income Ratio

See Debt-to-Income Ratio.

Impound

The portion of a borrower’s monthly dues that is held by the lender and put towards taxes, insurance, and any other fees.