Loan terminology glossary
The fresh new terminology and meanings one follow should bring effortless, informal definition getting words and phrases your iliar to you. The particular concept of a term or terminology will depend on where and just how its made use of, as associated data, as well as signed preparations, customers disclosures, inner Program plan guides and you will globe incorporate, commonly control definition during the a specific framework. This new words and you can definitions one to follow have no binding feeling to possess purposes of one agreements or any other transactions with our team. The University Casing Software Member and/or Place of work out of Mortgage Software teams could well be ready to respond to one certain issues it’s also possible to has actually.
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Amortization: Loan money from the equivalent periodic numbers calculated to pay off the newest loans at the end of a predetermined months, including accumulated focus into a good equilibrium.
Amortized Financing: That loan as paid off, by some regular payments out of dominant and you will notice, that are equivalent or almost equivalent, without having any special balloon commission prior to maturity.
Anniversary Date: The newest go out where the 12th percentage is born. This occurs in the same calendar month and you will day from year to year after that toward one MOP Promissory Note.
Work environment out-of Financing Software
Applicant: A qualified Appointee designated from the among the many ten College or university campuses, Place of work of your own Chairman or, LBNL because entitled to apply for that loan underneath the UC Financial Program.
App Number : A keen itemized directory of papers that the borrower and also the university need to provide to any office out of Loan Applications to own either pre-approval otherwise loan acceptance. Known as function OLP-09.
Automatic Clearinghouse (ACH): A digital money transfer network enabling direct money transmits between acting bank account and you will loan providers. This particular feature is available only to borrowers who aren’t currently to the productive payroll updates.
Balloon Percentage: A payment payment to the a good promissory notice – the latest one elitecashadvance.com emergency personal loan to own discharging the debt – that’s rather larger than another installments provided around new regards to the fresh promissory mention.
Borrower: An eligible person once the given during the a keen conducted Certification regarding Eligibility, made by the proper campus user, who are pri financing.
Connection Loan: A short-term financing, usually lower than 1 year, provided to a borrower in the event that web arises from a sale regarding an earlier quarters aren’t designed for the acquisition out-of a different home. It is designed one to a connection financing might be paid back to your internet proceeds from the previous residence’s sale.
Personal off Escrow: The latest conference between your visitors, merchant and you may lender (otherwise their agents) where the assets and you may financing lawfully change hand.
Certification from Eligibility : Setting signed by the campus associate certifying that the candidate is eligible to have System participation therefore the number of the borrowed funds allocation. Known as function OLP-30.
Area Possessions: Property acquired by the a married partners, otherwise sometimes lover in a married couple, during the marriage, you should definitely obtained since the independent assets of both.
Co-Borrower: Any individual that will assume obligations with the mortgage, get a name interest in the property and plans to occupy the home because their no. 1 house.
Co-Signer: Any individual that will assume duty toward loan, but who’ll perhaps not grab a title demand for the house nor inhabit the house.
