Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - G Terms
Ginnie Mae: Government
National Mortgage Association (GNMA); a government-owned corporation
overseen by the U.S. 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 pre-paid and escrow items
as well as lender charges; must be given to the borrower within
three days after submission of a loan application.
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