Loan terms glossary
The fresh new terms and you will definitions one to realize are supposed to bring simple, everyday definition for content you iliar for your requirements. This meaning of an expression or terms is dependent upon in which and just how it’s used, since the relevant files, also signed preparations, customers disclosures, internal Program policy manuals and you will globe incorporate, commonly handle meaning inside the a particular context. The fresh new terminology and you will meanings one pursue do not have binding impact getting reason for people deals or any other transactions with us. Your University Housing Software Associate or the Work environment away from Mortgage Applications employees was prepared to respond to one particular inquiries it is possible to keeps.
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Amortization: Financing money by equal unexpected numbers computed to settle the newest debt after a fixed months, and additionally accrued attract to your a great balance.
Amortized Mortgage: A loan to get paid back, of the some typical installments off dominant and you may interest, which can be equivalent otherwise nearly equal, without the unique balloon commission in advance of maturity.
Wedding Big date: The newest day upon which the fresh new 12th fee flow from. This occurs in identical calendar month and you can date from year to year afterwards on people MOP Promissory Note.
Applicant: A qualified Appointee designated by among the many ten University campuses, Workplace of the Chairman otherwise, LBNL as the entitled to apply for a loan beneath the UC Mortgage Program.
App Number : A keen itemized set of documentation the debtor while the campus must make available to any office from Mortgage Software getting either pre-acceptance or loan acceptance. Called function OLP-09.
Automatic Clearinghouse (ACH): A digital finance import network that enables direct currency transfers ranging from playing bank account and you will loan providers. This particular aspect is present only to borrowers who are not already into the energetic payroll standing.
Balloon Fee: An installment commission into the a beneficial promissory mention — the last that for discharging the debt — which is somewhat bigger than others installments considering less than the fresh new terms of the promissory note.
Borrower: A qualified individual because the specified inside an enthusiastic conducted Degree out-of Qualifications, prepared by the right university member, who happen to be pri loan.
Link Mortgage: A temporary financing, always lower than 1 year, offered to a debtor if the online arises from a sale out of a past home commonly available for the acquisition regarding a new house. It’s required you to a bridge loan will be reduced toward internet arises from the last residence’s sales.
Intimate out-of Escrow: The brand new meeting involving the client, vendor and you may bank (otherwise their agencies) where in fact the assets and money lawfully alter hand.
Degree from Qualifications : Function closed of the campus user certifying the candidate is approved having System participation together with quantity of the loan allotment. Called mode OLP-29.
Community Assets: Assets gotten from the a wedded pair, or often spouse during the a married pair, during relationships, when not acquired due to the fact independent property away from sometimes.
Place of work out of Financing Programs
Co-Borrower: Any individual who will suppose obligation towards the mortgage, get a subject need for the property and you may intentions to occupy the house or property since their top residence.
Co-Signer: Individuals that will guess obligation with the loan, but that will not need a subject demand for the home nor inhabit the home.