Taunya Fagan Real Estate Glossary and Dictionary of Real Estate Terms Beginning With "G" - Mortgage Glossary and Real Estate Terminology - Building and Construction Terms

Terms You May Need to Know When Preparing Your Bozeman Real Estate Transaction

Gable:
The upper portion of a sidewall, coming to a triangular point at the ridge of a sloping roof.

Gag Rules:  
Provision in a contract signed by a buyer of a new property prohibiting the owner from publicizing complaints about the builder.

Gage (Open-End):
A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional finance charges. Provisions usually limit borrowing to no more than would raise the balance to the original loan amount.

Gambrel Roof:
Style of roof with two sloping planes of different pitch on each of a ridge's sides, with the lower plane having a steeper slope than the upper plane. A Gambrel Roof has a gable at each end.

General Contractor:  
Person hiring and supervising subcontractors and suppliers for a construction project.

General Warranty Deed:
A deed in which the grantor fully warrants that title is free from defects, or does not have a cloud on title. See Cloud On Title. Commonly used in most real estate deed transfers because it offers the greatest protection of any deed.

Georgian Style:  
Type of architecture, popular throughout the 1700's, distinguished by 3 aspects: decorative blocks of wood or masonry, called quoins, that are set into the corners of a structure; a symmetrical facade; and a prominent front entry.

Girders:  
Crossbeams supporting a floor's joists.

Good Faith Estimate:
A Lender's disclosure of the credit terms and costs a borrower will incur on a mortgage, including loan-processing fees and inspection costs.

Government Loan (mortgage):
A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans.

Government National Mortgage Association (Ginnie Mae):
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA).

Graduated-payment Mortgage (GPM):  
Mortgage requiring borrowers make greater monthly payments over the term of a loan. The payment is quite low for the first few years after which payments gradually increase until year three or five, after which payments remain fixed.

Grantee:
A person who receives a conveyance of, or interest in, real property from a grantor.

Grantor:
The person conveying, or transferring title or having an interest in, real property to a grantee.

Greek Revival Style:
Style introduced in the United States near the 18th century's end, prominently displaying a pillar-anchored pediment creating a portico at the front of a home.

Growing-equity Mortgage:  
Fixed-rate mortgage increasing payments over a specific time-period, with extra funds applied to principal.

Guarantee Mortgage:  
Loan guaranteed by a third party, like a government institution.

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