Loan terminology glossary
New terminology and you can definitions one to pursue are supposed to bring effortless, relaxed definition for phrases and words you iliar to you personally. The specific meaning of a term or terminology is determined by where and just how it is made use of, because associated files, and additionally finalized agreements, customer disclosures, inner System policy manuals and you may industry utilize, tend to control definition from inside the a certain context. The latest terms and you may significance you to definitely follow haven’t any binding impression for purposes of one contracts or other transactions with our team. Their University Housing Apps Associate and/or Place of work out of Loan Software personnel is willing to respond to any particular concerns you’ll be able to has.
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Amortization: Loan repayments by the equal periodic quantity determined to settle the brand new obligations at the end of a predetermined period, plus accumulated desire into the outstanding equilibrium.
Amortized Financing: That loan are paid down, of the several normal payments regarding dominating and you will appeal, which might be equivalent or nearly equal, without any unique balloon payment prior to readiness.
Wedding Day: This new day upon which the newest 12th fee is due. This happens in the same thirty day period and you will time yearly afterwards to your any MOP Promissory Notice.
Office off Mortgage Software
Applicant: An eligible Appointee designated by the one of many ten College campuses, Office of your own Chairman or, LBNL since the permitted make an application for a loan in UC Home loan Program.
Application Number : A keen itemized listing of documents that borrower while the university need make available to the office of Financing Software for both pre-approval or mortgage recognition. Known as mode OLP-09.
Automated Clearinghouse (ACH): An electronic financing import network enabling lead currency transfers anywhere between using bank accounts and you can lenders. This particular aspect is available just to consumers who aren’t currently to your productive payroll reputation.
Balloon Fee: A fees fee into an effective promissory mention – the finally you to definitely to have discharging the debt – that’s significantly bigger than additional installments considering below the newest terms of the new promissory note.
Borrower: A qualified people just like the given inside the a keen done Degree regarding Qualifications, made by the appropriate campus representative, that happen to be pri loan.
Connection Mortgage: A temporary loan, always lower than one year, agreed to a debtor when the web proceeds from a sale out-of a prior home aren’t available for the purchase off a separate domestic. It is implied you to definitely a connection loan is paid to the web proceeds from the last residence’s sales.
Personal out-of Escrow: The fulfilling involving the visitors, merchant and you can financial (otherwise their agencies) where in fact the possessions and you can fund legitimately alter hand.
Qualification off Eligibility : Mode finalized by university associate certifying that candidate is eligible for Program participation together with level of the borrowed funds allotment. Known as setting OLP-29.
Community Possessions: Possessions gotten of the a wedded pair, otherwise sometimes mate from inside the a wedded pair, through the wedding, you should definitely acquired as the independent possessions off often.
Co-Borrower: Anybody who can guess obligation for the financing, capture a subject interest in the home and intends to inhabit the house as their primary quarters.
Co-Signer: Individuals who’ll assume responsibility to the loan, however, who’ll not get a concept need for the house nor undertake the house or property.