Loan terminology glossary
New words and you can significance you to definitely pursue are meant to bring easy, relaxed meaning for content your iliar to you personally. The specific meaning of an expression or words is based on in which and how it is made use of, given that related data, plus closed agreements, consumer disclosures, inner System policy manuals and world incorporate, will handle definition from inside the a certain context. The fresh terminology and you may significance one to go after do not have joining impression having reason for one contracts or other purchases with our company. Your Campus Houses Software User or perhaps the Workplace off Loan Programs employees might possibly be ready to answer people specific inquiries you are able to provides.
A good | B | C | D | Elizabeth | F | Grams | H | I | J | K | L | Yards | Letter | O | P | Q | R | S | T | U | V | W | X | Y | Z
Amortization: Mortgage money by the equivalent occasional wide variety computed to settle the personal debt after a predetermined several months, in addition to accrued desire into the harmony.
Amortized Mortgage: That loan to get paid down, from the a number of typical installments away from dominating and appeal, that are equivalent or almost equal, without any unique balloon payment before maturity.
Anniversary Date: The day where this new 12th percentage flow from. This occurs in the same thirty day period and you may go out on a yearly basis after that into any MOP Promissory Notice.
Applicant: An eligible Appointee designated from the among 10 College campuses, Office of your Chairman otherwise, LBNL while the permitted get that loan underneath the UC Home loan Program.
App List : An itemized listing of documentation your borrower plus the campus need certainly to provide to the office regarding Financing Applications for both pre-recognition otherwise financing acceptance. Known as mode OLP-09.
Automatic Clearinghouse (ACH): An electronic loans transfer network enabling lead currency transmits ranging from playing bank accounts and you may loan providers. This feature is obtainable merely to consumers who aren’t already to your energetic payroll status.
Balloon Payment: A repayment percentage towards a promissory note – the finally one to having discharging your debt – that is notably bigger than the other payments offered lower than the fresh new regards to the newest promissory mention.
Borrower: An eligible people since specified within the an carried out Certification from Qualifications, served by the right university user, that pri loan.
Link Mortgage: A short-term financing, usually less than 12 months, offered to a borrower if online arises from a-sale out-of a past household commonly available for the acquisition out-of a different household. It is suggested one to a bridge mortgage will be paid down to your internet proceeds from the prior house’s product sales.
Romantic out of Escrow: The newest conference amongst the client, seller and lender (or the agencies) where possessions and you can financing lawfully change hands.
Qualification payday loans Beavercreek off Qualification : Mode closed from the campus representative certifying that the applicant is eligible to own System participation while the quantity of the borrowed funds allotment. Also known as form OLP-31.
Neighborhood Property: Assets acquired by a married couple, or often lover during the a wedded couples, through the relationship, when not obtained just like the separate possessions regarding either.
Place of work out-of Mortgage Software
Co-Borrower: Anybody who can suppose obligation on mortgage, get a concept interest in the home and you will intends to entertain the property since their first home.
Co-Signer: Anybody who will assume responsibility to the financing, but who’ll maybe not bring a title need for the house neither reside the property.