Loan words glossary
The newest terms and you will definitions you to definitely follow are supposed to provide easy, casual definition to possess words and phrases your iliar to you personally. The particular meaning of a phrase otherwise keywords relies upon where and just how it is made use of, due to the fact associated data files, and additionally finalized arrangements, customers disclosures, internal Program policy manuals and you will business need, tend to control meaning when you look at the a certain context. The fresh new terminology and you will significance you to definitely pursue don’t have any joining effect to own purposes of any deals or any other deals with our team. Your University Property Software Member or the Place of work regarding Loan Software personnel is prepared to answer people specific concerns you may has.
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Amortization: Loan payments of the equivalent periodic number determined to pay off the fresh financial obligation at the end of a predetermined months, and accumulated focus towards a good harmony.
Amortized Loan: Financing to get paid down, by the a series of normal payments of dominant and you can focus, that are equal otherwise nearly equivalent, without any special balloon commission before maturity.
Wedding Day: The latest day upon which brand new 12th percentage is born. This happens in the same thirty day period and date annually thereafter into any MOP Promissory Note.
Applicant: An eligible Appointee designated because of the among the ten School campuses, Work environment of the Chairman otherwise payday loans Caro, LBNL while the eligible to submit an application for that loan in UC Home loan System.
Application Record : An enthusiastic itemized directory of paperwork your borrower and the campus need certainly to provide to work from Financing Programs having often pre-recognition or mortgage acceptance. Known as setting OLP-09.
Automated Clearinghouse (ACH): An electronic loans transfer community which enables direct money transmits between performing bank account and you may loan providers. This particular aspect can be found just to individuals who are not currently toward productive payroll status.
Balloon Percentage: A payment percentage into the good promissory mention – often the last one to getting discharging the debt – that’s somewhat larger than the other payments given not as much as the fresh regards to brand new promissory notice.
Borrower: An eligible people as the specified into the an enthusiastic performed Degree off Qualifications, served by the right campus affiliate, who happen to be pri mortgage.
Bridge Financing: A temporary mortgage, usually below 1 year, wanted to a debtor in the event that internet proceeds from a sale from an earlier household are not available for the purchase regarding an alternative family. It’s required one to a connection loan could be repaid into websites proceeds from the earlier residence’s revenue.
Personal out-of Escrow: The latest meeting between your buyer, seller and you may financial (or its representatives) where property and you can fund legally transform hand.
Qualification regarding Qualifications : Mode finalized by university affiliate certifying that applicant is approved having System involvement additionally the number of the mortgage allotment. Called form OLP-30.
Society Possessions: Assets acquired by the a wedded couples, or either companion in a wedded partners, while in the relationship, if not received due to the fact independent possessions out-of often.
Place of work regarding Mortgage Software
Co-Borrower: People that will assume duty into loan, take a title demand for the house or property and you will intends to entertain the property because their number 1 residence.
Co-Signer: People who’ll guess obligations into loan, but who will maybe not need a concept demand for the property nor take the property.
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