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Real Estate Glossary G

By FrontDoor.com | Published: 11/01/2007

G

Ginnie Mae, Government National Mortgage Association (GNMA) -- A governmental agency that provides sources of funds for residential FHA-insured or VA-guaranteed mortgages.

Government mortgage -- A mortgage insured by the FHA or guaranteed by the VA or the Rural Housing Service (RHS).

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

Guaranteed mortgage, guaranteed loan -- A mortgage guaranteed by a third party.

Guaranty -- An agreement by which one person assumes responsibility of assuring payment or fulfillment of another's debts or obligations, or something given as security for the execution, completion, or existence (or payment) of something else.

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