Loan terms glossary
The brand new words and you will definitions one follow should provide simple, informal definition to possess words and phrases you iliar to you. This meaning of a phrase or keywords depends on where and exactly how it’s made use of, due to the fact associated records, as well as finalized agreements, customers disclosures, inner System plan manuals and you can business use, commonly handle meaning in the a certain context. New terms and conditions and meanings that pursue haven’t any joining effect to have purposes of one contracts or other transactions with our team. Their Campus Homes Software User or the Work environment out of Financing Software personnel will be prepared to address any certain inquiries you may also has.
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Amortization: Loan payments by the equivalent unexpected number calculated to settle brand new financial obligation at the end of a predetermined several months, as well as accumulated attention to the a good equilibrium.
Amortized Loan: Financing become paid off, from the several normal installment payments out-of dominant and you will appeal, that will be equivalent or almost equal, without the special balloon percentage prior to maturity.
Wedding Time: The fresh new go out where the fresh new 12th commission arrives. This happens in the same thirty day period and date yearly afterwards with the people MOP Promissory Mention.
Applicant: A qualified Appointee appointed by one of many 10 College or university campuses, Workplace of one’s President otherwise, LBNL due to the fact eligible to get financing in UC Home loan Program.
Software Record : An itemized range of files your borrower and also the campus need to provide to the office out of Loan Apps to have sometimes pre-acceptance or loan acceptance. Known as mode OLP-09.
Place of work out of Mortgage Apps
Automated Clearinghouse (ACH): A title loans Ripley digital financing transfer network that enables direct currency transfers ranging from acting bank accounts and you can lenders. This particular feature exists just to borrowers who are not already into productive payroll updates.
Balloon Commission: A cost fee into the good promissory notice – usually the final one to to have discharging your debt – that is somewhat bigger than another installment payments offered less than the terms of the brand new promissory notice.
Borrower: A qualified person once the given in an performed Degree from Qualification, made by the proper campus affiliate, who’re pri loan.
Bridge Financing: A short-term financing, usually lower than 12 months, wanted to a borrower in the event that online proceeds from a-sale out of a past house commonly readily available for the purchase of another type of household. It is created one a link financing will be paid off to the web arises from the last house’s profit.
Romantic of Escrow: The fresh new fulfilling within consumer, seller and you can financial (or their representatives) where the property and you will fund legitimately alter hand.
Degree out of Eligibility : Mode signed of the campus associate certifying that applicant is approved to have Program participation and also the quantity of the borrowed funds allotment. Labeled as setting OLP-31.
People Possessions: Possessions acquired by the a wedded couples, otherwise sometimes mate into the a married few, while in the relationships, if not gotten because independent property out of both.
Co-Borrower: Any individual who’ll suppose responsibility towards financing, need a subject need for the property and plans to invade the property as their primary quarters.
Co-Signer: Any individual who’ll imagine obligations towards financing, but who will maybe not capture a title demand for the property nor consume the house or property.