Loan terms and conditions glossary
The new terms and meanings you to definitely pursue should render simple, informal meaning for words and phrases your iliar for you. This concept of an expression otherwise keywords is dependent on where and just how it’s put, given that relevant documents, together with finalized preparations, customer disclosures, internal Program coverage manuals and you can business usage, will control definition for the a particular framework. The new terminology and you can definitions you to follow have no binding effect for reason for people agreements or other purchases around. Your own University Houses Apps Representative or perhaps the Office from Loan Software teams is prepared to respond to people certain issues you are able to possess.
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Amortization: Financing payments because of the equivalent unexpected wide variety determined to pay off the new debt after a fixed months, in addition to accumulated appeal to your outstanding equilibrium.
Amortized Mortgage: A loan getting paid off, by the several regular installments regarding prominent and you will interest, which can be equivalent or almost equal, without having any special balloon payment ahead of maturity.
Anniversary Big date: This new date where the latest 12th percentage is due. This happens in identical 30 days and you will time each year afterwards for the people MOP Promissory Note.
Applicant: An eligible Appointee designated because of the one of many ten University campuses, Office of your Chairman otherwise, LBNL given that eligible to get that loan beneath the UC Financial System.
Application Record : An itemized list of papers that the debtor as well as the campus need provide to work from Loan Software to own sometimes pre-acceptance or financing acceptance. Labeled as function OLP-09.
Automated Clearinghouse (ACH): An electronic funds import system that allows head currency transfers ranging from participating bank account and you can pdqtitleloans.com/installment-loans-ky loan providers. This feature is obtainable only to individuals who are not currently to the active payroll reputation.
Balloon Payment: A cost payment towards a great promissory notice – often the finally you to definitely getting discharging your debt – that’s notably larger than others installment payments given around new terms of new promissory note.
Borrower: A qualified individual given that given for the an conducted Degree out-of Qualification, made by the proper university user, that pri mortgage.
Connection Mortgage: A short-term financing, constantly below 12 months, provided to a debtor if online arises from a sale out-of an earlier house commonly readily available for the acquisition away from a special home. It’s designed one a connection financing will be paid down towards internet proceeds from the earlier house’s product sales.
Office away from Financing Programs
Romantic out-of Escrow: The fresh meeting within visitors, supplier and you may financial (or their agents) where assets and loans legitimately alter hands.
Qualification away from Qualifications : Function closed by the university affiliate certifying that candidate is eligible getting Program contribution together with number of the borrowed funds allocation. Known as function OLP-29.
Community Possessions: Assets obtained by a married few, otherwise either mate inside a wedded couples, throughout matrimony, when not acquired just like the independent assets from either.
Co-Borrower: Anyone who will suppose obligation on the mortgage, grab a name interest in the house and you can intentions to occupy the house because their first quarters.
Co-Signer: Individuals who will imagine duty on loan, however, that will not need a name need for the home nor occupy the home.
