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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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Garnishment : A court order to an employer to withhold all or part of an employee's wages and to send the money to the court or to the person who won a lawsuit against the employee. This is a court-ordered process that takes property from a person to satisfy a debt.

Gross Monthly Income : The salary which an individual earns per month, before any taxes or expenses are deducted.

Gross Salary : The entire amount of salary earned before taxes and other deductions are made. The gross salary is different from the net salary or the take home pay, which is the amount of salary after taxes and other deductions are made. The gross and net salary is a major consideration on the amount of loan an individual can be granted.

Goals: This is a reference to a financial goal, which relates regarding the goals you have set for your life and the ways and means to achieve the mark. A goal is an aspiration and target that one desires to achieve someday.

Gold Card : A premium major credit card, the Gold card offers those with great credit ratings a much higher limit than your every day credit card. For e.g., if an average credit card limit is $2000 the average Gold card limit is likely to be $6000.

Good Faith Estimate : An estimate of charges and fees which a borrower is likely to incur in connection with a loan closing.

Government Loan : A type of mortgage insured by the FHA (Federal Housing Authority), VA (Veteran's Administration), or RHS (Rural Housing Authority).

Government National Mortgage Association (Ginny Mae) : Ginny Mae provides funds for government loans and takes over special assistance and liquidation functions of Fannie Mae.

Grace Period : A time period when a lender will give you as a grace during which you are not charged interests and need not make payments.

Graduated Payment : Repayment terms calling for gradual increases in the payments on a closed-end obligation. A graduated payment loan usually involves negative amortization.

Grantee : The person to whom an interest in real property is conveyed.

Grantor : The person conveying an interest in real property.

Gross Debt : All long-term debt incurred and outstanding.

Gross Monthly Income : The total amount a borrower earns per month, not including any taxes or expenses. It is often used in calculations to determine if a borrower qualifies for a particular loan.

Guarantee : This term means to be assured that something will come through, whether you get a low interest guarantee or a guaranteed approval.

Guarantees : When a person has assured the creditor that the debtor will make the repayments. If the debtor fails to make the payments the guarantee will be liable for them.


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Index of Terms | Complete List of Terms


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