Glossary - G

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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%.

	Best Mortgage Rates
	TERM		BEST RATES
	Variable		2.85
	1 Year		2.89
	2 Year		3.09
	3 Year		2.89
	4 Year		2.99
	5 Year Sale!!		3.10
	10 Year		3.99
	ZERO DOWN		5.24