Loan terminology glossary
New terms and meanings you to follow should provide simple, casual meaning getting content your iliar for your requirements. The specific concept of a term otherwise keywords depends upon where and exactly how it is put, since the associated records, and closed agreements, customer disclosures, interior System policy guides and you may community incorporate, have a tendency to manage definition for the a certain framework. The newest words and you can definitions that follow do not have joining impact for reason for one contracts or other deals with us. Their Campus Construction Applications Affiliate or the Office off Loan Apps group was willing to respond to any particular issues you can also possess.
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Amortization: Financing repayments of the equal periodic wide variety determined to pay off the fresh loans at the conclusion of a fixed months, as well as accumulated attract towards the an excellent balance.
Amortized Mortgage: A loan are paid off, because of the a number of regular payments regarding principal and you can attract, which might be equivalent or nearly equivalent, without any unique balloon payment just before readiness.
Anniversary Day: The big date upon which the latest twelfth percentage flow from. This happens in identical thirty day period and you will date annually after that into the one MOP Promissory Note.
Applicant: An eligible Appointee designated because of the one of the 10 University campuses, Workplace of your Chairman otherwise, LBNL due to the fact entitled to submit an application for financing in UC Financial System.
App Number : A keen itemized a number of files that the debtor together with university need provide to any office out of Mortgage Software to possess sometimes pre-acceptance otherwise financing acceptance. Also known as means OLP-09.
Automatic Clearinghouse (ACH): An electronic financing import community which enables head money transfers anywhere between participating bank accounts and lenders. This feature is obtainable only to individuals who are not already to your productive payroll position.
Balloon Percentage: A cost payment to the good promissory notice — usually the finally you to for discharging your debt — which is notably larger than others payments given lower than new regards to this new promissory note.
Borrower: A qualified people while the given during the an enthusiastic conducted Qualification regarding Qualification, made by the right university user, who happen to be pri financing.
Link Loan: A temporary mortgage, constantly lower than 1 year, offered to a debtor in the event the online arises from a sale out-of an earlier house aren’t available for the purchase out-of a separate household. It’s designed that a bridge mortgage would-be paid to your web proceeds from the earlier home’s business.
Office of Mortgage Programs
Romantic off Escrow: Brand new fulfilling between the buyer, vendor and financial (or its representatives) the spot where the property and you can finance legitimately alter hands.
Certification off Qualifications : Function closed because of the university affiliate certifying that the candidate is eligible to have Program involvement additionally the number of the loan allowance. Called means OLP-29.
Neighborhood Assets: Property received because of the a wedded couples, or often partner in a married couples, throughout relationships, when not gotten since the separate assets out of either.
Co-Borrower: Any individual who’ll suppose obligation with the financing, take a concept demand for the house and you will intentions to entertain the house as their primary home.
Co-Signer: People who can suppose duty towards the financing, but that will perhaps not simply take a name need for the home nor undertake the house.