Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
G
Ginnie Mae: Government National Mortgage Association (GNMA); a
government-owned corporation overseen by the US 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 prepaid
and escrow items as well as lender charges; must be given to the
borrower within three days after submission of a loan application.
Government National Mortgage Association (GNMA): Also known as Ginnie
Mae, provides sources of funds for residential mortgages, insured or
guaranteed by FHA or VA.
Graduated Payment Mortgage (GPM): A type of flexible-payment mortgage
where the payments increase for a specified period of time and then
level off. This type of mortgage has negative amortization built into
it.
Gross Monthly Income: total amount the borrower earns per month,
before any expenses are deducted.
Guarantee: promise by one party to pay a debt or perform an obligation
contracted by another if the original party fails to pay or perform
according to a contract.
Equal
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