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G/E CAPITOL The General Electric Capitol Corporation insures high ratio mortgages for lenders. GRADUATED AMORTIZATION MORTGAGE A special method of repayment on a mortgage whereby repayments in the initial period are low and are gradually later stepped up at a higher rate. Graduated payments mortgages were devised to enable lower income families to become home owners. GRANT A technical term used in deeds of conveyance to indicate a transfer of an interest or estate in land. GRANTEE The party to whom an interest in real property is conveyed (the buyer). GRANTOR The person who conveys an interest in real estate by deed (the seller). GROSS DEBT SERVICE (GDS) The percentage of gross annual income required to cover payments associated with housing. GROSS DEBT SERVICE RATIO Allowable ration of payments for principal, interest and taxes to gross income. GROSS INCOME The scheduled income from the operation of the business of the management of the property, customarily stated on an annual basis. Income before deductions for tax or expenses. GROSS RENT MULTIPLIER Method of appraising the fair market value of property by multiplying the gross rents by a factor which varies according to the type of property, and the location o the property. GUARANTEED INCOME MORTGAGE A guarantee included in a purchase money mortgage by a seller-mortgagee that there will be a minimum cash-flow or net operating income to the purchaser mortgagee. The guarantee is limited to a short period and may be combined with a management contract whereby the seller as manager will operate the property. GUARANTOR A third party without interest in the property who agrees to assume responsibility for a debt in the event of default by the mortgagor. |