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glossary - G
Ginnie Mae
Government National Mortgage Association (GNMA) is 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 pay back securities for private investment. The Fannie
Mae and Freddie Mac offer the investment income that provides
funding which may be lent to eligible borrowers by lenders.
It also provides sources of funds for residential mortgages,
insured or guaranteed by FHA or VA.
Guaranty
It’s a promise made by one party to pay a debt or execute
an obligation contracted by another if the original party
fails to pay or execute according to a contract. It’s
an obligation contracted by another if the original party
fails to pay or perform in accordance to a contract.
Grace Period
It’s the amount of time after a payment due date when
no interest is charged. The time allowed, usually 15 days,
for making late payments without a penalty. There will often
perceive grace periods of 20 to 30 days presented by certain
credit card issuers. Credit card grace periods only apply
if a cardholders previous month's balance were paid in full.
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