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Guaranteed Mortgage
A mortgage that is guaranteed against default, such as a VA or FHA insured mortgage. Borrowers must pay an insurance premium in order to get a guaranteed mortgage.

Grace Period
The time period between the due date of a mortgage payment and the date when late charges are assessed.

Graduated Payment Mortgage (GPM)
A mortgage with monthly payments that are smaller at the beginning of the loan period and gradually increase by a specified amount for the first five or ten years, after which they become fixed.  A GPM has a fixed interest rate and fixed loan period.

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 loan.

Hazard Insurance
A form of insurance in which the insurance company protects the insured from certain losses, such as fire, vandalism, storms, and certain other natural causes.  Also called Homeowners Insurance.

Hybrid Mortgage
A mortgage that combines some attributes of a fixed rate mortgage with attributes of an adjustable rate mortgage (e.g., a loan that is fixed for 5 years but then becomes an ARM).

Housing Ratio
The ratio of the monthly housing payment to total gross monthly income. Also called Payment-to-Income Ratio or Front-End Ratio.

Index
A published interest rate tied to an ARM loan's interest rate.  The index is not controlled by the lender. The index and the interest rate linked to it may increase or decrease.

Inspection
An examination of a property or building to determine condition or quality for a particular purpose such as an assessment of structural or termite damage.

Interest Rate
A percentage of the amount of a loan paid for the use of money for a specified time.

Interim Financing
A loan made during the construction of a building or a project.  A permanent loan usually replaces this loan after completion.

Joint Tenancy
A joint holding of property by two or more people who enjoy the property equally throughout their lives with right to survivorship to the other Grantees.  Not applicable to a husband and wife.

Jumbo Loan
A initial loan balance exceeding the maximum amount established by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.