Home > Mobile Home Finance Dictionary > G As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here.

 

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Gap loan: A loan that fills the difference between the first loan and the full amount of the permanent loan. See Bridge loan and Swing loan. Example: A developer arranges a permanent mortgage R fund $1,000,000 when the apartments she is building are 80% pied. From completion of construction until 80% occupa reached, the mortgage is only $700,000. The developer arrange loan of $300.000 for the RENT-UP PERIOD.

General contractor: A party who constructs buildings or other improvements for an owner or developer and who might employ a construction labor force or use subcontractors. See Contractor. Example: Collins. a landowner, has architectural plans and specifications for an office building. She enters into a contract with Baker, a general contractor, to build the structure. Baker hires subcontractors who put up the foundation, walls, roof, electrical and plumbing systems, etc.

General lien: A lien on all of the property of a debtor.

Gift Letter: A document that is required by a lender if a borrower receives a down payment or any part of a down payment from an individual as a gift, that is not to be repaid.

Good faith: An honest intention to abstain from taking conscious advantage of another.

Grace Period: An agreed-upon time after the payment of a debt is past due and during which time a party can perform without being considered in default.

Graduated payment loan: A loan that provided for partially-deferred payments of principal during the first five years of the loan term after which the principal and interest payment is substantially higher in order to make up for the principal portion of the payments that were lost at the beginning of the loan. See Variable interest rate loan.

Gross Income: Money earned before any taxes are withdrawn.

Growing-equity loan: A mortgage in which the monthly payments increase annually, with the increased amount being used to reduce the outstanding principal balance and therefore shorten the overall term of the loan.

Guaranteed mortgage: A mortgage in which a party other than the borrower assures payment in the event of default by a mortgagor such as VA-guaranteed mortgages.

 

 

 

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