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.
Debt obligations of the U.S. government, consisting of Treasury bills, notes and bonds, and carrying the highest credit rate possible. Also referred to as government securities.
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.
A graduated federal tax paid by persons who give gifts exceeding a level determined annually by the IRS.
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.
The total dividends you received. Your gross dividends are the sum of any ordinary dividends, capital gains distributions and nontaxable distributions you received during the tax year.
Gross Income Test
One of five tests a person must meet for you to claim him or her as a dependent so that you can take an exemption. To meet this test, the person must have less than $2,700 in total income during the tax year. If this person is your child under 19 years old, or a full-time student under 24 years old, he or she does not need to meet this test.
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.
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.