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GE Capitol [back to top]
The General Electric Capitol Corporation - Canada's only private default mortgage insurer - insures high ratio mortgages for lenders.
Graduated Amortization Mortgage [back to top]
A method of repayment of a mortgage where payments in the initial period are low and are gradually later increased to a higher rate.
Grant [back to top]
A term used in deeds of conveyance to indicate a transfer of an interest or estate in land.
Grantee [back to top]
The party to whom an interest in real property is conveyed (the "buyer").
Grantor [back to top]
The person who conveys an interest in real estate by deed (the "seller").
Gross Debt Service Ratio (GDSR) [back to top]
The percentage arrived at by dividing your monthly shelter costs (principal, interest, property taxes, heating and half of condominium fees if applicable) by your gross monthly income and multiplying by 100. This calculation is used by all lenders as a yardstick by which they can measure the ability of a borrower (or borrowers) to make mortgage payments. Most lenders set a threshold of 32% for this ratio, while other lenders may allow higher limits; 32% is also the maximum qualifying GDS for most default insurance applications.
Gross Income [back to top]
The scheduled income from the operation of the business of the management of the property, customarily stated on an annual basis. Income before deductions for tax or expenses.
Gross Rent Multiplier [back to top]
An appraisal method where the fair market value of property is calculated by multiplying the gross rents by a factor which varies according to the type and location of the property.
Guaranteed Income Mortgage [back to top]
A guarantee included in the purchase money (by a seller-mortgagee) that there will be a minimum cash-flow or net operating income to the purchaser mortgagee (this type mortgage is limited in duration and may be combined with a management contract where the seller agrees to manage and operate the property).
Guarantor [back to top]
A guarantor is a third party who has no interest in a property but agrees to assume responsibility for a debt in the event of default by the mortgagor.