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	Glossary of Mortgage Terms [G]
	RE/MAX Escarpment Realty Inc., Brokerage 905.570.2500 Direct / 905.525.2720 Office mark@instantpage.org and vivian@instantpage.org

Mortgage Glossary © Copyright Mark DeBruyn-Smith | A | B | C | D | E | F | G | H | I | J | K | L | M | | N | O | P | Q | R | S | T | U | V | W | GRACE PERIOD: The time a borrower is allowed after a payment is due to make that payment without incurring penalties. GRADUATED PAYMENT MORTGAGE (GPM): A land loan in which the periodic payments increase at a stated rate over a stated period of time before leveling off for the remainder of the term of the loan. GRADUATION PERIOD: The interval between increases in the payments on a GPM. GRADUATION RATE: The rate at which the payments increase in a GPM, expressed as a percentage. GROSS INCOME: A person's earnings from all sources in a given period before expenses are deducted. GROSS MARGIN: The difference between the interest rate chargeable on a variable or adjustable rate mortgage and the rate set by the index rate upon which the mortgage rate is based. GROWING-EQUITY MORTGAGE (GEM): A mortgage with a fixed interest rate which has periodic payments which increase at intervals, the added money per payment being applied directly to the outstanding principal on the mortgage. GUARANTEE: 1. An enforceable warranty on the continuing usefulness of a product, 2. An agreement by a third party to a loan transaction to join in the transaction and to be held liable for the moneys secured by the loan instrument should the principal debtor fail to pay. GUARANTEE MORTGAGE: A land loan that has a third party added to provide added assurance that the obligations under the loan will be met. GUARANTOR: The person who signs a mortgage and assumes responsibility for it despite the fact that he receives no benefit from the loan. | A | B | C | D | E | F | G | H | I | J | K | L | M | | N | O | P | Q | R | S | T | U | V | W |

©Copyright 1999 - 2008. Mark DeBruyn-Smith. Mark & Vivian DeBruyn-Smith, Sales Representatives RE/MAX Escarpment Realty Inc., Brokerage 905.570.2500 Direct / 905.525.2720 Office / 905.667.1710 Fax 119-50 Dundurn St. S., Hamilton ON. CA., L8P 4W3 All Rights Reserved. Reproduction in whole or in part is strictly prohibited except as indicated under the terms of use of this website. Use of this website signifies your agreement to the Terms of Use. The REAL ESTATE, MORTGAGE AND CONSTRUCTION GLOSSARY'S found on this Site are compilations of terms commonly used in the real estate, mortgage and construction industries. This publication has been created to provide general overview information with regard to these industries, and while generic, this information may not be applicable to all juristictions. It is provided with the understanding that the publisher is not engaged in the rendering of legal, mortgage or any other professional advice or services. If legal advice or other expert assistance is required or needed, the services of the appropriate professional should be sought and you should not rely on the information found herein. Please read the "Terms of use" of this Site for further information on this matter. Your use of this site is subject to the additional disclaimers and caveats that appear in the terms of use document.