Glossary - CLS Financial
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Glossary

Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.

Our mortgage glossary will help you to speak to mortgage professionals with confidence.

Glossary

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There are 5 names in this directory beginning with the letter G.
Gift
This includes amounts from a relative or a grant from the borrower's employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.

Ginnie Mae
Nickname for Government National Mortgage Association (GNMA).

Good Faith Estimate
Estimate on closing costs and monthly mortgage payments provided by the lender to the home-buyer within 3 days of applying for a loan.

Government National Mortgage Association (GNMA or Ginnie Mae)
A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.

Graduated Payment Mortgage (GPM)
A fixed-interest loan with lower payments in the early years than the later years. The amount of the payment gradually increases over a period of time and then levels off at a payment sufficient to pay off the loan over the remaining amortization period.