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GEM. Graduated equity mortgage.
Gift. A sum of money, including amounts from a relative or a grant from the borrower’s employer, a municipality, non-profit religious organization, or non-profit community organization that does not have to be repaid.
Good faith estimate. The estimate on closing costs and monthly mortgage payments provided by the lender to the nomebuyer within 3 days of applying for a loan.
GPM. Graduated payment mortgage.
Graduated payment mortgage. A mortgage that starts with low monthly payments that increase at a predetermined rate.
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