31. FHA Loan

A loan insured by the Federal Housing Administration (of the Department of Housing and Urban Development).

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32. Finance Charge

The total cost a borrower must pay, directly or indirectly, to obtain credit according to Regulation Z.

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33. Fixed Rate Mortgage

A conventional loan with a single interest rate for the life of the loan.

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34. Fully Indexed Rate

The maximum interest rate on an ARM that can be reached at the first adjustment.

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35. Gift Letter

A letter from a relative stating that an amount will be gifted to the buyer, and that said amount is not to be repaid.

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36. Government National Mortgage Association (GNMA)

Called Ginnie Mae; a governmental part of the secondary market that deals primarily in recycling VA and FHA mortgages, particularly those that are highly leveraged.

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37. Graduated Payment Mortgage

A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.

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38. GRI

Graduate, Realtors Institute. A professional designation granted to a member of the National Association of Realtors® who has successfully completed courses covering Law, Finance and Principles of Real Estate.

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39. Home Inspection Report

A qualified inspector's report on a property's overall condition. The report usually includes an evaluation of both the structure and mechanical systems.

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40. Home Warranty Plan

Protection against failure of mechanical systems within the property. Usually includes plumbing, electrical, heating systems and installed appliances.

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