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| Gap Protection |
If you terminate a car's lease agreement early, gap protection is the insurance that would cover the amount owed to the leasing company due to that early termination. If your car were stolen or in a serious accident, the gap insurance would pay the difference between the amount paid by your auto insurance company and the amount needed to pay off the lease balance and any early termination penalties. |
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| Good Faith Estimate |
When you apply for a mortgage, the lender is required by law to provide you with a Good Faith Estimate which is a documnet outlining the costs that you will be expected to pay at closing. The Real Estate Settlement Procedures Act requires that this estimate be presented to you within three days of the lender receiving your loan application. |
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| Graduated Payment Mortgage (GPM) |
When you have a graduated payment mortgage, or GPM, the amount of your monthly mortgage payment is initially lower than the amount needed to fully amortize the mortgage. The payments will then increase for a set period of time and level off at a point where the payments are enough for the mortgage to fully amortize. |
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| Growing-Equity Mortgage (GEM) |
With a growing equity mortgage, your monthly payment amounts increase, but the interest rate of the loan remains the same. When your payment increases, the extra amount is applied towards the principal of your loan enabling you to pay off the balance more quickly. With this type of loan, your 30-year mortgage can be reduced to 20 years or less. |
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| Guarantee Mortgage |
If you have a guarantee mortgage, it means that your mortgage is being guaranteed by a third party, such as a government institution. These loans are also known as government mortgages. |
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| Guaranty |
If you guaranty a loan, you are obligating yourself to pay the debt if the original party to the loan is unable to pay the loan according to the original agreement. On the other hand, if someone makes a guaranty on your loan, they will be responsible for paying the loan if you do not meet the obligations of the loan. |
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