Loan terms and conditions glossary
The fresh new conditions and you can meanings that go after are supposed to bring easy, casual definition for words and phrases you iliar for your requirements. This meaning of an expression or phrase varies according to in which and exactly how it’s used, just like the related data, including signed plans, consumer disclosures, internal Program plan manuals and you can community incorporate, have a tendency to control meaning into the a particular perspective. The new words and you will significance you https://paydayloanscalifornia.net/cities/oakland/ to realize don’t have any binding effect to possess reason for any contracts and other transactions around. Their Campus Housing Programs Affiliate or the Place of work out-of Mortgage Programs personnel would be prepared to address one specific issues you can also has.
Good | B | C | D | Age | F | Grams | H | We | J | K | L | Meters | Letter | O | P | Q | Roentgen | S | T | You | V | W | X | Y | Z
Amortization: Loan costs of the equal periodic amounts calculated to repay the fresh loans at the conclusion of a predetermined months, plus accrued interest into the an excellent equilibrium.
Amortized Mortgage: Financing getting paid back, of the a series of typical installments of dominant and you will attract, that will be equivalent or almost equal, without the unique balloon payment before maturity.
Anniversary Time: The fresh new big date where the brand new twelfth fee arrives. This happens in identical calendar month and you can day yearly after that towards the one MOP Promissory Mention.
Applicant: An eligible Appointee designated from the among 10 University campuses, Office of your own President or, LBNL since the permitted make an application for a loan underneath the UC Mortgage Program.
Software List : A keen itemized range of records that the debtor and the university must make available to the office out-of Mortgage Software to own either pre-acceptance otherwise financing recognition. Known as means OLP-09.
Place of work away from Financing Software
Automatic Clearinghouse (ACH): An electronic money transfer circle which enables direct currency transfers ranging from playing bank account and you may loan providers. This particular aspect is available simply to consumers who aren’t already toward productive payroll position.
Balloon Fee: A payment fee to your a beneficial promissory notice – often the latest you to definitely to possess discharging the debt – that’s notably larger than additional payments given less than the brand new regards to this new promissory mention.
Borrower: An eligible people as the given during the an enthusiastic conducted Degree out-of Eligibility, served by the right campus user, who’re pri mortgage.
Bridge Loan: A short-term mortgage, constantly less than 12 months, wanted to a borrower if online arises from sales out of a previous residence aren’t readily available for the acquisition of an alternative household. It’s suggested you to definitely a connection mortgage would-be repaid on the internet arises from the prior house’s sales.
Intimate from Escrow: The newest fulfilling within client, seller and you will lender (otherwise their agencies) where in fact the property and you will funds legitimately change give.
Qualification out-of Qualifications : Mode signed from the university affiliate certifying that applicant is eligible getting System contribution and the number of the borrowed funds allotment. Labeled as form OLP-30.
Community Property: Property received by a married few, or often companion inside the a wedded few, throughout the marriage, when not obtained because the separate assets off sometimes.
Co-Borrower: Anybody who can imagine obligation into the financing, take a concept interest in the home and you will intentions to inhabit the home because their first residence.
Co-Signer: Anybody who’ll guess obligation into mortgage, however, that will maybe not simply take a name demand for the property neither invade the house.
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