Large, fitted glasses with side guards, which are used as protection for eyes.
Good faith estimate (gfe)
A document which tells borrowers the approximate costs they will pay at or before the settlement, based on common practice in the locality. Under requirements of RESPA, the mortgage banker or mortgage broker, if any, must deliver or mail the GFE to the applicant within three business days after the application is received.
Good repair clause
Contract clause, indicating that the property must be properly maintained to keep the contract valid, which creates liability for the seller or lessee if the subject property is found to be in need of repairs.
Goodwill
The value of the name and reputation of a person or company, which will generate better future earnings, based on that reputation.
Gothic arch
Also called Tudor, parabolic, or semicircular arches. They are arches having a span of more than six feet with a rise-to-span ratio in excess of 0.15, and a load capacity of 1,000 pounds per foot.
Gouge
(1) A chisel, which has a curved hollow blade, used for cutting grooves or holes in wood. (2) A chisel that has a U shaped cutting end, which makes grooves in the material of choice. (3) The groove or hole made by gouging.
Gouge chisel
The gouge chisel is a wood lathe chisel used for roughing a workpiece to approximate size.
Gouging
(1) To make grooves or holes in something. (2) To scoop, dig, or force out. (3) Rapid removal of excess material by any means.
Government mortgage
A loan in which the government is guaranteeing the lender against loss. Examples of such loans are VA loans, and FHA loans.
Government national mortgage association (gnma)
Nickname for Government National Mortgage Association. These debt securities have the objective of funding high-risk mortgages for high-risk borrowers, typically in areas approved for government construction projects that have no other funding sources. The government body also buys home loans issued by others, such as commercial banks, mortgage banks, and insurers and, after pooling them together, sells shares to investors. Unlike Fannie Mae and Freddie Mac, Ginnie Maes are backed by the United States and thus have a high credit standing.
