REAL ESTATE 101

GE Capital Mortgage Insurance Company (CANADA)
GE Capital Mortgage Insurance Company is the only private sector source of mortgage insurance to lenders in Canada.

Good Faith Estimate
Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.

Grantee
A person to whom real estate is conveyed; the buyer.

Grantor
A person conveying real estate by deed; the seller.

Gross Debt Service Ratio
The percentage of gross annual income required to cover payments associated with housing (mortgage principal and interest, taxes and secondary financing). Most lenders prefer that the GDS be no more than 32%.

Gross Debt Service Ration (GDS)
The percentage of the borrower's gross income that will be used for monthly payments of principal, interest and taxes, heating costs and half of condominium fees.