Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
Nickname for the Government National Mortgage Association (GNMA).
Good Faith Estimate
A written estimate of closing costs that a lender must provide a prospective home buyer within three days of submitting a mortgage loan application. The best approach is to request this list before choosing a loan.
Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress in 1968, GNMA has responsibility for the special assistance loan program known as Ginnie Mae.
A type of insurance offered to auto lease customers. It pays the difference between what you own and what the vehicle is worth in the event the car is stolen or destroyed.
An amount withheld from your pay and remitted to another party, such as a creditor. You must include in your taxable income any amount that was garnished from your pay, because the full amount of your pay is considered to have been received by you even though some was withheld to pay your debts.
Also known as a closed access or closed panel. A plan that stipulates the insured will be reimbursed for initial visits to only one doctor, and that doctor must be the one to recommend more specialized care.
The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.
Good faith estimate. A written estimate of expected closing costs that a lender must provide a prospective home buyer within three days of the homeowner submitting a mortgage loan application. Brokers and lenders are required by law to make as accurate an estimate as they can.
Provides up to 36 months of education benefits for college, business, technical, correspondence or vocational courses for those who have been honorably discharged from the armed forces.
In the context of mortgage banking, a gift is a bestowal of money that does not have to be repaid, and which is used for a down payment or closing costs. Lenders usually require a "gift letter" stating that the money won't have to be repaid.