Financing terms and conditions glossary
Brand new words and you may definitions that pursue are meant to promote easy, relaxed meaning to have content you iliar to you. This concept of a phrase or keywords is dependent upon in which and exactly how it’s used, given that associated records, including signed arrangements, buyers disclosures, interior System rules manuals and you may community need, will handle meaning for the a specific context. The latest terms and you can meanings you to definitely go after do not have joining impression having purposes of any deals or any other transactions with our team. The Campus Housing Programs Member or even the Workplace away from Financing Applications group is ready to address people particular inquiries you are able to enjoys.
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Amortization: Mortgage costs by the equivalent unexpected amounts determined to pay off the brand new financial obligation at the end of a predetermined months, also accumulated desire to the an excellent balance.
Amortized Loan: A loan are reduced, from the several normal installments out-of principal and you may focus, that will be equivalent otherwise almost equal, without the special balloon fee in advance of readiness.
Anniversary Big date: Brand new time where the fresh 12th percentage arrives. This happens in the same calendar month and you can day from year to year thereafter towards people MOP Promissory Mention.
Applicant: An eligible Appointee appointed from the one of several ten College or university campuses, Office of the President or, LBNL as entitled to get that loan under the UC Financial Program.
Software Record : A keen itemized selection of papers that the borrower and campus need make available to work off Mortgage Apps to possess both pre-approval otherwise financing approval. Also known as mode OLP-09.
Office regarding Loan Applications
Automated Clearinghouse (ACH): An electronic financing import network that enables lead currency transfers between participating bank accounts and you can lenders. This particular aspect is present merely to individuals who are not currently towards the productive payroll position.
Balloon Fee: A cost percentage towards the an excellent promissory mention — usually the last that to possess discharging your debt — that is significantly bigger than one other installments considering not as much as the new terms of the promissory notice.
Borrower: An eligible person due to the fact given when you look at the a keen performed Degree of Qualification, prepared by the correct university affiliate, who’re pri mortgage.
Link Mortgage: A short-term mortgage, always below 12 months, accessible to a borrower if the net proceeds from a sale out of a past house aren’t designed for the purchase away from an alternative house. It is intended one to a bridge financing might possibly be repaid to your websites arises from the earlier house’s profit.
Personal off Escrow: The newest appointment between the visitors, merchant and you will financial (or its agencies) where possessions and finance legally transform hand.
Qualification out-of Qualification : Function signed by campus associate certifying your candidate is approved to possess System contribution and also the amount of the borrowed funds allocation. Known as mode OLP-29.
Neighborhood Assets: Assets gotten because of the a wedded partners, otherwise possibly spouse into the a married partners, throughout the marriage, when not gotten because the separate assets off often.
Co-Borrower: Individuals that will assume obligations towards the loan, get a name need for the house or property and you will intentions to take the house as his or her no. 1 quarters.
Co-Signer: Anybody who’ll assume obligation towards mortgage, however, that will perhaps not online title loans Greenfield same day take a concept demand for the house or property neither occupy the house or property.
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