To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| gem |
| See Growing Equity Mortgage |
| GEM (htm) |
| Select to
calculate a growing equity mortgage, where the borrower increases payment
amounts over a specified number of years.
|
| GEM Loan Screen (htm) |
| Enter
the terms for a growing equity mortgage, where the borrower increases payment
amounts over a specified number of years. You must enter the interest rate,
periods per year, term, loan amount, prepaids, advance date, date of first
payment, graduation rate, and graduation period or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
|
| General Entries (htm) |
| Displays
multiple stream identification number(s). When there are more than two streams,
ZMath® modifies this number automatically according to the first principal
payment date.
|
| good faith estimate |
| A document provided at application that provides estimates for all charges which a borrower is likely to incur in connection with a loan closing. |
| Government fees (htm) |
| Enter
the recording fees for this loan, as charged by the County Recorder's Office to
enter the Deed, Mortgage, or Deed of Trust and, occasionally, additional
documents, requiring public notice.
|
| government National Mortgage Association (GNMA) |
| A government-owned corporation within the U. S. Department of Housing and UrbanDevelopment (HUD). Created by Congress on September 1, 1968. GNMA performs the samerole as Fannie Mae and Freddie Mac the assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae. |
| gparm |
| A loan combining a Graduated Payment Mortgage with an Adjustable Rate Mortgage (ARM). |
| GPARM (htm) |
| Select to
calculate a mortgage that combines graduated payments with an adjustable rate
mortgage.
|
| GPARM Loan Screen (htm) |
| Enter
the terms for a graduated payment, adjustable rate mortgage. You must enter the
interest rate, periods per year, term, loan amount, prepaids, advance date, and
date of first payment or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
|
| GPM |
| See Graduated payment Mortgage |
| GPM (htm) |
| Select to
calculate a mortgage which has level payments for one year, at which time they
grow by a specified percentage amount (the graduation rate) for another year.
This continues for a specified number of years (the graduation period). At the
end of any particular year, the payment amount may be adjusted to pay off the
remaining balance over the number of years left to maturity.
|
| GPM Loan Screen (htm) |
| Enter
the terms for a graduated payment mortgage. You must enter the interest rate,
periods per year, term, loan amount, prepaids, advance date, and date of first
payment or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
|
| grace Period |
| A length of time (usually 15 days) after a mortgage payment is due in which the lender will not charge a late penalty or report the payment as late. |
| graduated payment mortgage |
| A type of mortgage where the monthly payments start low but increase by a fixed percentage at the end of each year for a specified number of years. At the end of this series of payments, the graduation period, the loan payments are in an amount large enough to to retire the loan at maturity. This means that the payments at the beginning are not sufficient to make the full principal payments and the outstanding balance actually increases. |
| graduation period |
| The number of periods (usually years) in a graduated payment loan that the payment will increase (by the graduation rate) until the loan ois recast. |
| Graduation Period
(Years) (htm) |
| Enter the number of periods that the payment will increase by the
graduation rate before the loan is recast.
|
| graduation rate |
| The rate per year that the interest rate on a graduated payment loan will increase. |
| Graduation Rate (htm) |
| Enter
the amount by which the payments will be increased for the year. For example,
entering 20 will mean that the payments will increase by 20% for each year
during the graduation period.
|
| grantee |
| The person to whom an interest in real property is conveyed. |
| grantee |
| The party to whom title to real property is deeded. |
| grantor |
| The person conveying (or deeding) title to real property to another. |
| gross income |
| Total income before any expenses are deducted. |
| gross monthly income |
| The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan. growing-equity mortgage (GEM)A fixed-rate mortgage that provides for payments which increase by a specified percent at the end of each year for a specified number of years. The increasing monthly payment amounts reduce the balance of the mortgage resulting in its being repaid sooner. |
| Growth |
| Check this box to select the deposit/withdrawal growth rate (linear or exponential). |
| Growth (Deposits) (htm) |
| Check
this box to select the deposit growth rate (linear or exponential).
|
| Growth (Withdrawals) (htm) |
| Check
this box to select the withdrawal growth rate (linear or exponential).
|
| Growth Rate (htm) |
| The
growth rate for accounts where the deposits or withdrawals will graduate at a
constant rate.
|
| guaranteed mortgage |
| A mortgage, the payment of which, is guaranteed by a third party. |
| guaranty |
| Amount of money VA will reimburse a lender upon default of a VA mortgage. Also referred to as the amount of entitlement or eligibility. |
| Hazard Insurance |
| This is the annual premium for insurance against losses from risks such as fire, wind, hail, flood etc. If you will have homeowners insurance you will want to include that portion of the premium allocable to the real estate. (Exclude that part covering vehicles etc.) |
| hazard insurance |
| Insurance against physical damage to property from fire, wind, vandalism, and other hazards. |
| Header Text (htm) |
| Enter
the desired header text (up to three lines) for the amortization schedule.
|
| HECM Rates |
| Select 'Yes' to use Pre- October 1, 2009 rates.
Select 'No' to choose the latest rates. |
| HECM/FNMA Flag |
| This flag tells the engine whether it is calculating a HECM or a FNMA HomeKeeper program. |
| Help (icon) (htm) |
| Click
to display the ZMath® Help file.
|
| Help (QS) (htm) |
| Click
to display online Help for the Quick Solver.
|
| Help Button (htm) |
| Click
to display the online Help topic for the Fees and Charges Worksheet tabs.
|
| holdback |
| That portion of a loan commitment not funded until some additional requirement such as rental or completion is attained. (2) In construction or interim lending, a percentage of the contractor's draw which is held back. |
| home equity conversion mortgage (HECM) or reverse annuity loan |
| A type of mortgage that enables home owners to convert their equity in their homes into cash, usually in the form of monthly payments. The value of the property is the prime consideration for the lender since the borrower may have reduced income due to retirement etc. The loan is typically repaid after borrower no longer occupies the property or the equity is depleted. |
| Home Value |
| The value of the home at closing. |
| homekeeperSM |
| Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible. |
| homeowner's insurance |
| An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents. |
| housing expense |
| Principal, interest, real estate taxes and hazard insurance (PITI) and mortgage insurance premiums and/or homeowners association/condo fee, when applicable. |
| housing ratio |
| Housing expense/effective gross income. Also called Payment-to-Income Ratio or Front-End Ratio. |
| HUD |
| The U. S. Department of Housing and Urban Development, established by the Housing andUrban Development Act of 1965 to supersede the Housing and Home Finance Agency. It is responsible for the implementation and administration of government housing and urban development programs. Housing Ratio |
| HUD median income |
| Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD). |
| ID Number |
| Enter the loan identification number. This number will appear on the 1/6 Aggregate Escrow Deposit Statement. |
| ID Number (htm) |
| Optional
field that can be used to assign a identifying number to this loan information
for future reference. When saving loan information, you must enter either a
customer name, ID Number, or both.
|
| If declining balance,
then average balance (htm) |
| Select if the declining balance for PMI renewal
calculations should be based on the average balance for the year.
|
| If declining balance,
then beginning balance (htm) |
| Select if the declining balance for PMI renewal
calculations should be based on the beginning balance for the year.
|
