Financing terms and conditions glossary
The fresh new conditions and you may meanings one to go after are supposed to offer easy, everyday definition to own phrases and words your iliar to you. The meaning of a phrase or words will depend on in which and how it’s made use of, due to the fact relevant data, together with signed plans, buyers disclosures, internal System coverage guides and you will globe usage, usually manage definition into the a certain framework. The brand new terms and you will meanings one to realize have no binding perception getting reason for any contracts or any other transactions with our team. Their University Housing Software User or even the Work environment away from Mortgage Software teams will be happy to address any certain inquiries you can enjoys.
A | B | C | D | Elizabeth | F | G | H | We | J | K | L | Meters | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Amortization: Loan repayments because of the equal unexpected quantity computed to repay this new loans at the end of a fixed period, along with accrued appeal with the an excellent balance.
Amortized Loan: A loan becoming repaid, because of the some typical installments out-of prominent and notice, which can be equal or almost equivalent, without any unique balloon percentage in advance of maturity.
Anniversary Big date: The new time upon which the twelfth percentage flow from. This happens in identical calendar month and you can day from year to year after that on any MOP Promissory Note.
Work environment out-of Financing Software
Applicant: A qualified Appointee designated by the among the many 10 College or university campuses, Office of your own Chairman or, LBNL while the permitted submit an application for a loan within the UC Home loan System.
App Listing : A keen itemized directory of documents the borrower therefore the university need to provide to the office of Loan Apps to own either pre-acceptance or financing acceptance. Labeled as function OLP-09.
Automated Clearinghouse (ACH): An electronic finance import circle enabling head currency transmits anywhere between playing bank accounts and you may lenders. This particular feature exists simply to individuals who are not currently on active payroll reputation.
Balloon Commission: A repayment commission for the an excellent promissory note – the latest that having discharging the debt – that is significantly bigger than the other installment payments considering under the brand new terms of the brand new promissory notice.
Borrower: A qualified individual as the given inside an executed Degree regarding Qualification, served by the proper campus associate, who happen to be pri mortgage.
Bridge Loan: A short-term mortgage, always below 12 months, offered to a debtor in the event that internet arises from a sale of a past house aren’t readily available for the purchase away from another home. It is designed one a bridge loan could well be reduced toward websites arises from the prior house’s selling.
Romantic out of Escrow: New conference within client, vendor and you can lender (otherwise their representatives) in which the property and you may money lawfully changes hands.
Certification off Qualification : Setting closed by the university affiliate certifying the candidate is eligible to possess System participation plus the quantity of the loan allowance. Known as setting OLP-30.
Community Assets: Assets acquired because of the monthly installment loans Atlanta IL a married couples, or either spouse for the a wedded partners, during the relationship, you should definitely acquired as the independent assets of sometimes.
Co-Borrower: Any person that will guess responsibility for the financing, just take a subject need for the property and you will intends to reside the home as his or her no. 1 home.
Co-Signer: Individuals who can assume responsibility towards mortgage, however, that will perhaps not need a subject interest in the house neither take the house.
