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GLOSSARY

 GLOSSARY TERMS by Alpha
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General Recourse
Ginnie Mae
Good faith estimate
Graduated-payment mortgage (GPM)
Gray market
Growing-equity mortgage (GEM)
Guarantee mortgage, or Insured mortgage
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Good faith estimate

A good faith estimate is an estimate of all of the closing fees included in a loan, including pre-paid items, escrow items, and lender charges. The estimate must be presented to the borrower within three days after submitting a loan application.

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