Loan words glossary
The terms and you may definitions one to realize are meant to bring easy, casual definition to possess content you iliar for you. The concept of a term otherwise keywords depends upon in which and just how it’s used, while the associated data, in addition to signed plans, buyers disclosures, interior System coverage manuals and you may business need, often manage definition inside a specific context. This new terminology and you can meanings one follow do not have binding feeling getting purposes of people agreements or any other transactions with our team. Your Campus Construction Software User or perhaps the Workplace off Loan Programs professionals was prepared to address any specific concerns you may want to enjoys.
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Amortization: Loan money by equal occasional numbers computed to settle this new financial obligation at the end of a predetermined period, in addition to accrued attention to the a good harmony.
Amortized Mortgage: Financing become reduced, by the a few normal installments from dominant and you may attention, that will be equal or almost equal, with no special balloon fee ahead of readiness.
Wedding Time: Brand new day upon which this new twelfth payment is born. This occurs in the same 30 days and you can time on a yearly basis after that towards any MOP Promissory Note.
Applicant: A qualified Appointee appointed of the one of the ten College or university campuses, Office of your own President or, LBNL just like the entitled to apply for a loan in UC Financial Program.
Software Record : A keen itemized directory of records that the borrower in addition to campus need certainly to provide to work out of Mortgage Software to have either pre-recognition or financing recognition. Labeled as mode OLP-09.
Automatic Clearinghouse (ACH): A digital money transfer network that allows direct money transmits ranging from playing bank account and you may lenders. This particular aspect can be acquired simply to individuals who are not already towards energetic payroll status.
Balloon Fee: An installment payment towards a good promissory notice – often the last you to to have discharging your debt – that’s rather bigger than another installment payments offered less than the brand new regards to this new promissory note.
Borrower: A qualified person once the specified inside a keen executed Certification off Qualification, served by appropriate campus associate, who are pri financing.
Link Loan: A temporary mortgage, always less than one year, accessible to a borrower if websites arises from sales out-of an earlier household aren’t available for the acquisition regarding a different sort of house. It’s required you to a connection mortgage will be paid back towards web arises from the previous residence’s selling.
Romantic of Escrow: The new meeting between the client, vendor and you can lender (or their agents) where in actuality the assets and you can money legitimately transform hand.
Qualification away from Eligibility : Mode closed by campus user certifying that candidate is approved getting payday loans Kettering System participation additionally the number of the loan allocation. Known as setting OLP-29.
Area Property: Property acquired by a married couples, otherwise either lover for the a married couples, throughout relationships, if not gotten due to the fact independent possessions away from both.
Office of Mortgage Apps
Co-Borrower: People who can assume responsibility on the financing, bring a subject need for the house or property and you may intends to undertake the property as his or her no. 1 residence.
Co-Signer: Any individual that will assume duty toward financing, but who can maybe not simply take a subject demand for the property nor occupy the property.
