Current Mortgage Rates: Richmond, VA
2.750% (2.807% APR) 30yrs
2.125% (2.130% APR) 15yrs
as of 09/23/21
Read More

Building on Trust™

RatePro

Glossary of Mortgage Terms

Search for glossary terms (regular expression allowed)
Term Main definition
Generic prices
Prices that assume a more or less standardized set of transaction characteristics that generally command the lowest prices. Generic prices are distinguished from transaction specific prices, which pertain to the characteristics of a specific transaction.
Gift of equity
A sale price below market value, where the difference is a gift from the sellers to the buyers. Such gifts are usually between family members. Lenders will usually allow the gift to count as down payment.
Good fairy syndrome
A belief that somewhere out there is a good fairy who will solve all our financial (and other) problems.
Good faith estimate
The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business days of receiving the loan application.
Government National Mortgage Association
A Federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages.
Grace period
The period after the payment due date during which the borrower can pay without being hit for late fees. Grace periods apply only to mortgages on which interest is calculated monthly. Simple interest mortgages do not have a grace period because interest accrues daily.
Graduated payment mortgage (GPM)
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it levels out over the remaining term and amortizes fully. For example, the payment might increase by 7.5% every 12 months for 60 months, after which it is constant for the remaining term at a fully amortizing level.
Graduation period
The interval at which the payment rises on a GPM.
Graduation rate
The percentage increase in the payment on a GPM.
Guaranteed Mortgage Price Agreement
A proposal by HUD in 2002 to allow lenders and others to offer packages of loans and settlement services at a single price.

Mortgage Rate Meter


Testimonials
 
914817
' We found Rate Pro mortgage after working with several other mortgage companies all of whom failed to grasp our complicated financial situation and ... more '
5.0/5.0
by zac5
890518
' We just purchased our first home and went through RatePro Mortgage to do our lending. I have worked in both big and small retail banks so I have seen ... more '
5.0/5.0
by zuser20140424054854787
838849
' This was my 3rd home purchase and 3rd different mortgage company, and Rick and his staff at RatePro were by far the best. Rick was timely, honest, ... more '
5.0/5.0
by jweimer1968
RatePro