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Growing-Equity Mortgage (GEM) A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance and loan term.  Real estate words and definition For other words and...

Ground Rent Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a long-term lease on it).  Real estate words and definition For other words and definitions related...

Executor A person named in a will and approved by a probate court to administer the deposition of an estate in accordance with the instructions of the will.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Gross Monthly Income Ground Rent The income you earn in a month before taxes and other deductions. It also may include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits.  Real estate words...

Government National Mortgage Association (Ginnie Mae) A government-owned corporation within the U.S. Department of Housing and Urban De-velopment (HUD) that guarantees securities backed by mortgages that areinsured or guaranteed by other government agencies. Popularly...

Government Mortgage A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).  Real estate words and definition...

Good-Faith Estimate A form required by the Real Estate Settlement Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection.  Real estate words and...

Gift Letter A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don’t have to repay it. You can use this money towards a portion of your down payment with some mortgages.with the mortgage transaction....

Exclusive Right-to-Sell Listing The traditional kind of listing agreement under which the property owner appoints a real estate broker (known as the listing broker) as exclusive agent to sell the property on the owner’s stated terms, and agrees to pay the listing...

General Contractor A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.  Real estate words and definition For other words and definitions related to real estate auctions For...

Exclusive Right-to-Sell Listing The traditional kind of listing agreement under which the property owner appoints a real estate broker (known as the listing broker) as exclusive agent to sell the property on the owner’s stated terms, and agrees to pay the listing...

Fully Amortized Mortgage A mortgage in which the monthly payments are designed to retire the obligation at the end of the mortgage term.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Eviction The legal act of removing someone from real property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Escrow Analysis The accounting that a mortgage servicer performs to determine the appropriate balances for the escrow account, compute the borrower’s monthly escrow payments, and determine whether any shortages, surpluses or deficiencies exist in the account....

Forfeiture The loss of money, property, rights, or privileges due to a breach of a legal obligation.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Escrow Account An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums, or other charges when they are due. Sometimes referred to as an “impound” or “reserve” account.  Real estate words and definition For other...

Escrow An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of...

Equity The value in your home above the total amount of the liens against your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity.  Real estate words and definition For other words and definitions related to real estate...

Equal Credit Opportunity Act (ECOA) A federal law that requires lenders to make credit equally available without regard to the applicant’s race, color, religion, national origin, age, sex, or marital status; the fact that all or part of the applicant’s income is...

Foreclosure A legal action that ends all ownership rights in a home when the hoebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.  Real estate words and definition For other words and definitions related to real...