Mortgage Financing Directory - Glossary (G-I)

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Mortgage Glossary (G-I)

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G-I

A / B / C / D / E / F / G / H / I / J
L
/ M / O / P / R / S / T / U / V

G

Ginnie Mae: Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.

Good faith estimate: an estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.

H

HELP: Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the homebuying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

Home inspection: an examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.

Home warranty: offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; ,overage extends over a specific time period and does not cover the home's structure.

Homeowner's insurance: an insurance policy that combines protection against damage to a dwelling and its contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage.

Housing counseling agency: provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and homebuying.

HUD: the U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

HUD1 Statement: also known as the "settlement sheet," it itemizes all closing costs; must be given to the borrower at or before closing.

HVAC: Heating, Ventilation and Air Conditioning; a home's heating and cooling system.

I

Index: a measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Inflation: the number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.

Interest: a fee charged for the use of money .

Interest rate: the amount of interest charged on a monthly loan payment; usually expressed as a percentage.

Insurance: protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.

Mortgage Glossary Pages:
(A-C), (D-F), (G-I), (J-L), (M-O), (P-R), (S-U) and (V-Z)

UNITED STATES MORTGAGE LENDERS AND BROKERS
    Page (1)(2)(3)(4)

 

Did you know?

Did you know?

"Mortgage" and "Refinance" are often misspelled. Some examples are: home recinancing, mortage tefinancing, homerefiancing, home tefinance rate, mortage redinance, mortgage tefinance, home tefinancing, house redinance, mortgage tefinancing, home redinance, house recinancing rate, mortage tefinance, mortgage redinance, homerefiancing, house tefinance, morgage recinancing rate, house tefinancing, morgage tefinance, mortage recinancing, homerefiancing, morgage tefinancing rate, mortgage recinancing and morgage redinance. Please note the correct spelling for future use.

 
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