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GAP insurance
An acronym for guaranteed auto protection insurance.
Gift funds
The funds a borrower receives that do not have to be paid back.
Good faith
estimate (GFE)
An itemized, detailed list of certain estimated costs associated
with a home loan that the lender is required to provide to the borrower
within three business days of the application.
Gross annual
income
The total amount of income from all sources (not just salary) that
a borrower receives per year before deductions.
Guaranteed
auto protection (GAP) insurance
Intended to pay all or part of the amount you would owe due to early
termination of a lease agreement. Such early termination may occur
when a car is stolen or seriously damaged in an accident. However,
the auto insurer's payment may not be enough to pay off the lease
balance and any early-termination penalties.
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