Financing conditions glossary
The fresh new terms and you may definitions one follow should bring simple, informal meaning having phrases and words your iliar to you personally. The meaning of an expression or phrase is dependent upon in which and exactly how it’s utilized, as the relevant data, and additionally closed plans, customer disclosures, interior Program rules guides and world usage, commonly control definition when you look at the a specific context. The fresh new words and you will definitions one to pursue don’t have any joining impression to possess reason for one agreements or any other deals with our team. The University Construction Applications Affiliate or the Workplace out-of Financing Applications team could be prepared to answer one particular questions you may also has actually.
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Amortization: Mortgage payments by equivalent unexpected amounts calculated to settle the new debt after a predetermined several months, in addition to accumulated attract on the outstanding harmony.
Amortized Financing: A loan to be repaid, by the a series of regular payments away from dominant and you may desire, that are equivalent or almost equivalent, without any unique balloon fee in advance of readiness.
Anniversary Day: The latest time where this new twelfth percentage arrives. This happens in identical 30 days and go out annually afterwards into any MOP Promissory Notice.
Applicant: A qualified Appointee designated by one of several 10 University campuses, Place of work of Chairman otherwise, LBNL due to the fact entitled to sign up for a loan underneath the UC Financial Program.
Software Listing : An enthusiastic itemized selection of files that debtor while the university need make available to any office away from Loan Programs to possess often pre-acceptance or mortgage recognition. Also known as form OLP-09.
Automatic Clearinghouse (ACH): An electronic digital money import network enabling direct money transfers between using bank accounts and you will loan providers. This particular feature is available just to borrowers who aren’t currently on the productive payroll status.
Balloon Fee: A fees commission to the good promissory mention – often the latest you to getting discharging the debt – that is somewhat larger than one other installments considering around the brand new terms of the fresh promissory mention.
Borrower: A qualified person since specified inside the an carried out Degree out-of Qualification, made by the appropriate campus associate, who happen to be pri mortgage.
Connection Financing: A temporary loan, always lower than one year, provided to a debtor if the web arises from a sale from a prior residence commonly readily available for the acquisition out-of a different sort of family. It is designed you to definitely a connection financing would-be paid off to your websites proceeds from the prior home’s business.
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Office out-of Loan Programs
Personal from Escrow: Brand new fulfilling between your consumer, merchant and you may financial (or the agents) the spot where the property and you can finance legally change hand.
Degree out-of Eligibility : Mode closed because of the campus associate certifying that the candidate is eligible having Program participation together with amount of the mortgage allotment. Known as function OLP-31.
Neighborhood Property: Assets gotten by the a married pair, otherwise both spouse inside a married couples, through the relationship, you should definitely obtained because separate assets from possibly.
Co-Borrower: Any individual who can imagine duty towards mortgage, grab a name interest in the house and you may plans to occupy the property as their primary home.
Co-Signer: Any individual who can assume obligations towards mortgage, however, that will not capture a subject interest in the property neither reside the house.