COMMONLY USED WORDS AND REAL ESTATE TERMINOLOGY FOR INVESTMENTS

Real estate terminology is nothing but words, however, by understanding those words you will be able to communicate in a business like way with other real estate professionals. It is not only important to know about investing but also to sound like it too.



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G

General Contractor: This is a contractor who carries out work on a property to improve it, they also carry out various contraction tasks and admin jobs.

Gift Letter: This is a letter stating a gift of a monetary value which does not need to be paid back.

Good Faith Estimate: This is a form that needs to be given to the RESPA, it gives a rough idea of charges that the borrower of the money will probably be required to pay.

Government Mortgage: This is a loan that is covered in all aspects by some form of federal government, they will both insure and guarantee the mortgage.

Government National Mortgage Association (Ginnie Mae): This is a government department who is required to maintain the security which is used for mortgages, these securities cover both the guarantees and insurances that are stated. Gross Monthly Income: This is the total sum of money that is earned in a month before a tax value is deducted from it.

Ground Rent: This is a payment which is used to pay the charge that occurs for the use of land, but only when the title owning a specified property is owned as an estate of a leasehold agreement.

Growing Equity Mortgage (GEM): This is a fixed rate mortgage where the payments, which are made monthly, are increased by agreement which has been pre-defined in the mortgage agreement. The funds which are extra to this kin of mortgage are used to lower the remaining balance of the specified loan / term.

Real Estate Terminology G to Strategies

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