Glossary of Mortgage Terms
Explore commonly used mortgage terms that are frequently used by AmeriSave Mortgage.A gated community is a residential neighborhood enclosed by walls or fences with controlled entry points, designed to give residents more privacy, security, and access to shared amenities.
A gift of equity is when a property seller sells a home for less than its appraised market value so that the buyer, usually a family member, can use the difference to help pay for the home.
Before closing, lenders used to give borrowers a Good Faith Estimate (GFE), which used to be a standard way to show them the estimated costs, fees, and terms of a mortgage loan. The GFE has been replaced by the Loan Estimate.
The gross rent multiplier (GRM) is a simple ratio that shows how much an investment property costs compared to how much money it makes in rent each year. This is a quick way to see how one property compares to another.
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