GFE
Gift
Gift Letter
Good Faith Estimate
Graduated Payment Mortgage (GPM)
GPM
Grantee
Grantor
Gross Income
Growing Equity Mortgage
Guaranteed Mortgage

GFE
An abbreviation of good faith estimate.

Gift
Funds given to an individual that does not need to be repaid. This gift can be used to pay closing costs or go towards down payment. These types of gifts are usually required by the lender to be accompanied by a signed gift letter from the giver.

Gift Letter
A letter written by the individual or party gifting the funds to another for the purpose of contributing towards down payment or assisting in paying closing costs.

Good Faith Estimate
An estimate of expected closing costs. The estimate is created by the loan officer and is required to be as accurate as possible. This form is required to be provided to the borrower within three business days of completing a loan application with the loan agent.

Graduated Payment Mortgage (GPM)
A loan program that begins with smaller payments that gradually increases over time over the first few years. This type of loan program often results in negative amortization, where the loan balance increases in order to compensate for the minimal payments in the beginning of the life of the loan.

GPM
Abbreviation for graduated payment mortgage.

Grantee
The buyer or recipient in a deed transaction.

Grantor
The seller or giver in a deed transaction.

Gross Income
Everything an individual receives in a year including money, personal property, and real estate before tax or other adjustments are taken into consideration.

Growing Equity Mortgage
A specific loan program where the interest rate is fixed but the payments increase over a certain period of time. This results in paying off more principal in a shorter period of time, meaning a faster growing in crease of equity in the end.

Guaranteed Mortgage
A home loan insured by a governmental agency or another third party investor.