Loan words glossary
New conditions and you can meanings one follow are meant to give easy, informal meaning to possess phrases and words you iliar to you. The particular meaning of an expression otherwise terminology is determined by in which and exactly how it’s utilized, as related files, and additionally signed arrangements, customer disclosures, interior Program policy guides and you may business usage, often manage definition in a specific context. New terms and conditions and meanings one to realize have no binding feeling having purposes of any contracts or other deals around. Your own Campus Housing Programs Affiliate or even the Office out of Mortgage Applications staff is ready to address people specific questions you may want to enjoys.
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Amortization: Financing payments by the equivalent unexpected numbers computed to settle the fresh loans at the end of a predetermined several months, plus accumulated notice to the the balance.
Amortized Mortgage: Financing are paid off, from the a number of regular installment payments away from prominent and notice, which can be equal otherwise nearly equal, with no unique balloon fee prior to readiness.
Wedding Time: The fresh big date upon which the brand new twelfth commission is born. This happens in the same calendar month and date every year afterwards towards one MOP Promissory Notice.
Applicant: An eligible Appointee appointed by the one of many 10 College or university campuses, Workplace of your own President otherwise, LBNL due to the fact eligible to make an application for financing according to the UC Home loan System.
Software Checklist : An itemized set of documents the debtor and university need make available to work from Loan Software to own often pre-recognition or financing acceptance. Labeled as setting OLP-09.
Office of Financing Applications
Automatic Clearinghouse (ACH): A digital finance import circle enabling lead currency transfers between playing bank accounts and you can lenders. This feature is available only to consumers who are not currently on productive payroll reputation.
Balloon Fee: A fees percentage into a good promissory note – often the final that for discharging your debt – that is rather larger than another installments considering lower than new regards to the new promissory mention.
Borrower: A qualified person because specified for the an enthusiastic done Qualification out-of Qualification, made by the appropriate university affiliate, that are pri financing.
Link Loan: A short-term loan, always below 1 year, offered to a debtor if web arises from sales off a prior household aren’t readily available for the acquisition off an alternative domestic. It’s intended one a link loan could be reduced into online proceeds from the prior residence’s selling.
Close away from Escrow: The new conference within visitors, seller and you will financial (or the agencies) in which the assets and finance lawfully changes hands.
Certification out-of Qualifications : Mode signed by university affiliate certifying the applicant is eligible to have Program contribution and number of the borrowed funds allotment. Also known as mode OLP-31.
Community Possessions: Property acquired of the a married couples, or sometimes companion inside the a wedded partners, during the matrimony, you should definitely obtained given that separate assets from often.
Co-Borrower: Anyone who can imagine responsibility on financing, grab a subject need for the home and you may intentions to undertake the home as his or her primary home.
Co-Signer: People that will guess obligation with the financing, but who can perhaps not bring a title demand for the house nor occupy the home.