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Dictionary

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Good-faith estimate
An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.

Graduated Payment Mortgage
A mortgage in which monthly payments are relatively low in the beginning and gradually increase in dollar amount over the term of the loan, often remaining fixed after year three or five.

Grantee
The person listed in the deed as the buyer/recipient of a piece of property.

Grantor
The person listed in the deed as the seller/giver of a piece of property.