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Las Vegas Real Estate |
Las
Vegas Real Estate Glossary
General Contractor
A general contractor is someone whom
you may work closely with during your home improvement project. The general
contractor is the person who oversees the construction project and handles
various aspects such as scheduling workers and ordering supplies.
If you are borrowing mortgage funds
to renovate a home, your lender may need to review whether your contractor
meets all federal, state, and local registration, licensing and certification
standards.
Good Faith Estimate
The good-faith estimate is a report
from your lender that outlines the costs you will incur to get your mortgage.
It is based on the lender's typical loan origination costs for the area
where your home is located. The estimate usually changes between application
and closing, so you'll want to review your settlement form before the closing
meeting.
The settlement form will list the actual amount of money you'll need to bring to closing. You'll need to pay your closing costs in the form of a certified or cashier's check because personal checks usually are not accepted.
Government Mortgage
A mortgage that is insured by the
Federal Housing Administration (FHA) or guaranteed by the Department of
Veterans Affairs (VA) or the Rural Housing Service (RHS). Contrast with
conventional mortage.
Government National Mortgage Association
A government-owned corporation within
the U.S. Department of Housing and Urban Development (HUD). Created by
Congress on September 1, 1968, GNMA assumed responsibility for the special
assistance loan program formerly administered by Fannie Mae. Popularly
known as Ginnie Mae.
Grantee
The person to whom an interest in
real property is conveyed.
Grantor
The person conveying an interest
in real property.
Ground Rent
The amount of money that is paid
for the use of land when title to a property is held as a leasehold estate
rather than as a fee simple estate.
Group Home
A single-family residential structure
designed or adapted for occupancy by unrelated developmentally disabled
persons. The structure provides long-term housing and support services
that are residential in nature.
Growing-Equity Mortgage (GEM)
A fixed-rate mortgage that provides
scheduled payment increases over an established period of time, with the
increased amount of the monthly payment applied directly toward reducing
the remaining balance of the mortgage.
Guarantee Mortgage
A mortgage that is guaranteed by
a third party.
Guaranteed Loan
Also known as a government mortgage.
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