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Growing-equity mortgage (GEM)
Growing-equity mortgage (GEM) A loan in which the monthly payments increase annually, with the increased amount being used to reduce directly the principal balance outstanding and thus shorten the overall term of the loan.
RELATED TERMS--------------------------------------
Loan A sum of borrowed money (principal) that is generally repaid with interest.
Principal 1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The head of a real estate firm.
Balance The appraisal principle that states that the greatest value in a property will occur when the type and size of the improvements are proportional to each other as well as the land.
Term The length of time in which a loan is to be paid off.
SIMILAR TERMS--------------------------------------
PREVIOUS AND NEXT TERMS--------------------------------------
Ground fault circuit interrupter Devices that detect leakage of electrical current to the ground and prevent accidental shock.
Ground lease A lease of vacant land.
Ground rent Rent paid to the owner for use of land, normally on which to build a building.
Groundwater Water under the earth's surface, regardless of the geological structure in which the water is standing or flowing.
Group home A single-family residence used as a living space for unrelated, developmentally disabled or mentally disabled people.
Growing-equity mortgage (GEM)
Guaranteed mortgage A home loan guaranteed by a government agency or other third party.
Guarantor One who makes a guaranty
Guaranty A pledge made by one person (the guarantor) to ensure that another person (the obligor) will fulfill an obligation to a third party (the obligee).
Guardian A person, appointed by court or by will, given the lawful custody and care of the person or property of another (called a ward).
Gutter A channel at and running the length of the eaves of a building which carries off rain water, usually by means of downspouts.
This dictionary contains 6433 terms. |
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