Our Mortgages |
Compare Mortgage Rates |
Our Mortgage Rates |
 |
 |
 |
Glossary - G
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
Mortgage Brokers Glossary - G
- Genworth Financial:
- One of Canada's only private default mortgage insurers. For more details see Mortgage Insurance.
- Gift Letter
- A letter indicating a gift is being given to a new home buyer by a family member for the purpose of down payment for the house. The gift letter must indicate that the money is not a loan.
- Good Faith Estimate:
- An estimation of all closing fees including pre-paid, escrow items plus lender charges; must be given to the borrower within three days after surrender of a loan application.
- Gross Debt Service Ratio (GDS):
- The total monthly mortgage payments, property taxes, heat (1/2 condo fees if applicable) divided by the gross monthly income. The allowable ratios can range anywhere from 32 to 44%.
