GE Capital is the new CMHC alternative in the Canadian Mortgage Market place.
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Terms starting with: G
Grace period
The time from when you receive your statement and the payment due date, both are set out by the credit card company.
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Gross debt ratio (GDR)
The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
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Gross income
Annual income including overtime that is regular or guaranteed.
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Gross overtime
Overtime pay before taxes that is averaged over two years can be considered monthly income, but it must be over the two years or it does not count.
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Guaranteed premiums
Some term life insurance policies are called or have the word ‘Guaranteed’ in them.
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Guarantor (or covenanter)
A guarantor is a person or company that co-signs for the debt of another and guarantees the loan will be paid back in the case the main borrower defaults.
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