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Finance Charge :
The total dollar amount credit will cost.
Gas Guzzler Tax :
A tax on vehicles that get poor gas mileage.
General Warranty Deed :
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.
Grace Period :
The period of time after the due date that's allowed before a penalty is charged.
Grantee :
That party in the deed who is the buyer or recipient.
Grantor :
That party in the deed who is the seller or giver.
Gross Monthly Income :
The total amount the borrower earns per month, before any expenses are deducted (such as taxes or 401k plan).
Guarantee :
A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.
Impound :
That portion of a borrower's monthly payments held by the lender or service to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves.
Index :
A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one- three-, and five-year U.S. Treasury Security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average Costs-of-Funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.
Interest :
A charge by the lender, expressed as a percentage of the total amount leant. The borrower pays this charge as payment for the loan.
Interest Rate :
Expressed as a percentage of 100, the annual rate of interest on a loan.
Invoice Price :
The price the dealer pays to buy a car from the manufacturer, exclusive of hold backs or other discounts. Very seldom is the bottom line of the cost to dealers.
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