In the context of mortgage banking, a' Gift' is a bestowal of money that does not have to be repaid, and which is used for a down payment or closing costs. Lenders usually require a "gift letter" stating that the money won't have to be repaid.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). gift. Retrieved September 21, 2026, from http://smartdefine.org/gift/definitions/1154904 |
| Chicago | Barry Goldsmith. 2010. "gift" http://smartdefine.org/gift/definitions/1154904 (accessed September 21, 2026). |
| Harvard | Barry Goldsmith 2010, gift, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/gift/definitions/1154904>. |
| MLA | Barry Goldsmith. "gift" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/gift/definitions/1154904> |