Financing conditions glossary
The brand new terminology and you may meanings you to pursue should bring effortless, casual definition to have words and phrases you iliar for you. The specific meaning of an expression or words relies on where and how its utilized, as the associated data files, in addition to finalized preparations, consumer disclosures, internal System plan manuals and globe utilize, tend to control meaning within the a certain perspective. The brand new words and you can meanings one to follow have no joining impact getting reason for any agreements and other transactions with our team. Your Campus Housing Applications Representative or the Workplace regarding Loan Programs employees was ready to respond to any specific questions you can even have.
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Amortization: Loan repayments from the equal periodic numbers determined to pay off the debt after a predetermined months, in addition to accrued attract toward a good balance.
Amortized Mortgage: A loan is paid, from the a number of regular installments out of prominent and you will attract, that will be equal otherwise almost equal, without having any special balloon fee in advance of readiness.
Anniversary Go out: The brand new go out where the fresh twelfth commission is born. This happens in identical 30 days and you will go out on a yearly basis thereafter towards the one MOP Promissory Note.
Workplace away from Financing Applications
Applicant: An eligible Appointee designated of the one of several 10 College campuses, Workplace of one’s President otherwise, LBNL just like the entitled to apply for financing under the UC Home loan System.
App Record : An itemized set of documents the borrower and also the campus have to make available to work out of Financing Applications to own possibly pre-recognition otherwise loan recognition. Labeled as mode OLP-09.
Automated Clearinghouse (ACH): An electronic digital fund transfer community enabling direct money transfers ranging from acting bank account and you will loan providers. This particular aspect can be found simply to individuals who are not already on energetic payroll status.
Balloon Fee: A payment fee to the an effective promissory notice – often the final you to to possess discharging your debt – that’s notably bigger than one other installments provided under the fresh new regards to this new promissory mention.
Borrower: A qualified people given that specified in an enthusiastic conducted Certification from Eligibility, made by the appropriate university affiliate, that are pri financing.
Link Loan: A short-term mortgage, always less than 12 months, wanted to a borrower in the event the websites proceeds from a-sale out of an earlier home aren’t readily available for the purchase of a new home. It is required you to a connection loan could be reduced towards the websites arises from the prior house’s revenue.
Close from Escrow: The newest appointment involving the client, vendor and bank (otherwise loans you can get with a 500 credit score the agencies) in which the possessions and you can fund lawfully transform give.
Certification away from Eligibility : Form signed from the campus member certifying your applicant is eligible to have System participation while the amount of the loan allocation. Also known as setting OLP-30.
Community Property: Possessions gotten because of the a wedded couple, otherwise sometimes mate inside a married few, during the marriage, when not acquired as the independent assets from either.
Co-Borrower: People that will guess obligation to your mortgage, need a concept demand for the house and you can intends to take the house as his or her number 1 quarters.
Co-Signer: People who will guess duty into loan, but that will not get a concept interest in the property neither reside the house or property.