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Grace period
A specific period of time granted to make a loan payment after its due date without incurring a late fee.
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Guarantee mortgage
A mortgage that is guaranteed by a third party, such as a government institution.
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Good faith estimate
A written statement of the anticipated costs of completing a loan transaction, including loan-processing charges and inspection fees, which a lender gives to a borrower shortly after submission of a loan application.
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Graduated-payment mortgage (GPM)
A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.
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