GreatSchools Rating

When searching for homes on Redfin, you can check the GreatSchools Rating for nearby schools, when available, in the Neighborhood section of each property details page. GreatSchools is an independent nonprofit that publishes ratings to give parents an understanding of the quality of nearby schools. According to GreatSchools.org, a GreatSchools Rating “provides an overall snapshot of school […]

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Grantee and Grantor

This is a fairly straightforward real estate definition: A grantor is the home seller who transfers their deed to a grantee, the home buyers. According to The Balance, there are different types of deeds a grantor can convey to a grantee — this will vary from state to state. This means it’s best for your buyer or […]

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Good-Faith Estimate (GFE)

Borrowers have numerous things on their plate when shopping for mortgages: from getting pre-qualified and pre-approved to trying to secure a good interest rate. One aspect of this research process that can ease the stress a little bit is a good-faith estimate, or GFE, provided from lenders to prospective borrowers. This GFE (or Loan Estimate and […]

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Good faith estimate

Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.

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Gift letter

A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.

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Guarantor

A person who agrees to indemnify the holder of a loan all or a portion of the unpaid principal balance in case of default by the borrower.

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Gross Building Area

The total floor area of the building starting from the outer surface of exterior walls and windows including all vertical penetrations (e.g. elevator etc.) and basement area

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