Loan terms and conditions glossary
The brand new terms and conditions and you will definitions one pursue should promote simple, informal definition to have phrases and words your iliar to you. The specific concept of a term or phrase relies on where and exactly how it is used, as the related documents, and additionally closed plans, customer disclosures, interior System policy guides and you may world use, have a tendency to handle definition within the a specific context. The terms and you will significance one to go after haven’t any joining impact to possess reason for people agreements and other deals with us. Your own Campus Housing Apps Member or even the Place of work off Loan Apps teams would be prepared to respond to one specific questions you may want to provides.
A beneficial | B | C | D | Age | F | Grams | H | I | J | K | L | Yards | Letter | O | P | Q | Roentgen | S | T | U | V | W | X | Y | Z
Amortization: Financing money by the equal occasional quantity determined to repay the fresh new debt at the conclusion of a fixed several months, together with accumulated desire into the outstanding balance.
Amortized Financing: That loan becoming paid, of the some typical payments of prominent and you may interest, that are equal or almost equal, without any unique balloon fee ahead of maturity.
Anniversary Time: The new day where new twelfth commission flow from. This occurs in the same 30 days and date yearly afterwards on the any MOP Promissory Notice.
Applicant: A qualified Appointee designated of the among the many ten College or university campuses, Place of work of Chairman or, LBNL while the entitled to submit an application for a loan according to the UC Financial Program.
Application Number : An enthusiastic itemized list of records that borrower additionally the campus need provide to work out of Mortgage Apps to have often pre-acceptance or loan recognition. Also known as means OLP-09.
Automatic Clearinghouse (ACH): An electronic digital money transfer network which allows head currency transmits anywhere between participating bank accounts and you may lenders. This particular feature can be found simply to individuals who are not already with the energetic payroll reputation.
Balloon Payment: A repayment commission towards a promissory note – usually the finally one to own discharging your debt – that is somewhat bigger than others payments provided below the fresh terms of the brand new promissory note.
Borrower: An eligible individual because the specified from inside the an carried out Degree out-of Eligibility, served by the proper university affiliate, who are pri financing.
Bridge Loan: A temporary mortgage, always below one year, wanted to a borrower when the web arises from sales of an earlier house aren’t designed for the acquisition regarding another type of fast and easy payday loans Lydia LA domestic. It’s required you to definitely a link mortgage is paid for the internet proceeds from the earlier residence’s product sales.
Intimate out of Escrow: New fulfilling involving the consumer, merchant and you will lender (or their agencies) where possessions and money legally change hand.
Qualification out of Qualifications : Function signed because of the campus representative certifying that the applicant is approved to possess Program contribution and also the amount of the loan allowance. Also known as function OLP-30.
Society Possessions: Possessions acquired by a wedded pair, otherwise sometimes companion when you look at the a wedded partners, through the matrimony, when not acquired as separate property out of possibly.
Workplace out of Financing Software
Co-Borrower: People who will assume obligations towards the loan, simply take a concept interest in the home and intentions to reside the house or property since their no. 1 residence.
Co-Signer: People who’ll guess responsibility into the financing, however, who’ll not get a concept demand for the house neither consume the house.
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