Financing conditions glossary
New terms and conditions and meanings one realize are supposed to give easy, relaxed meaning to have phrases and words you iliar for your requirements. This meaning of an expression otherwise words will depend on in which and just how it is utilized, once the relevant data, in addition to signed plans, customers disclosures, internal Program coverage manuals and you will world need, commonly handle definition inside a particular framework. Brand new words and you may significance one to go after don’t have any joining impact to possess reason for any contracts and other deals with us. Their University Housing Programs User or perhaps the Workplace of Mortgage Programs team could well be willing to respond to any particular questions you could enjoys.
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Workplace out-of Financing Apps
Amortization: Loan money by equivalent unexpected quantity computed to repay brand new debt at the end of a fixed period, in addition to accrued focus into the the harmony.
Amortized Loan: That loan becoming paid off, of the a series of typical installments out-of dominant and you may interest, which can be equivalent or almost equal, without the unique balloon payment before maturity.
Wedding Time: The fresh time where brand new twelfth percentage flow from. This occurs in the same 30 days and you may day from year to year thereafter into any MOP Promissory Mention.
Applicant: A qualified Appointee designated because of the among the ten School campuses, Workplace of the President otherwise, LBNL just like the permitted get that loan under the UC Mortgage Program.
Software List : A keen itemized a number of paperwork the debtor therefore the university need certainly to provide to the office out of Loan Software for often pre-approval or mortgage acceptance. Known as mode OLP-09.
Automated Clearinghouse (ACH): An electronic funds transfer system which allows head money transfers anywhere between playing bank accounts and you may lenders. This particular aspect can be acquired in order to consumers who aren’t currently towards the active payroll status.
Balloon Fee: An installment commission towards a good promissory note – usually the latest you to definitely to possess discharging the debt – that’s rather bigger than one other installments provided lower than brand new terms of the brand new promissory mention.
Borrower: A qualified individual given that given within the an executed Degree regarding Eligibility, served by the right campus representative, that pri financing.
Connection Mortgage: A short-term mortgage, constantly below 12 months, offered to a debtor in the event that websites proceeds from a sale away from a prior residence are not readily available for the acquisition off a special household. It’s created one a link financing would-be paid back to the net proceeds from the earlier house’s deals.
Close of Escrow: New meeting within visitors, supplier and you will bank (otherwise the agencies) where assets and you can financing legitimately changes give.
Qualification away from Qualification : Mode closed by the campus representative certifying that applicant is eligible having System participation therefore the quantity of the loan allocation. Known as means OLP-31.
Society Possessions: Possessions received payday loans for Ohio by the a married pair, otherwise possibly mate during the a married pair, while in the wedding, if not gotten as the separate property of either.
Co-Borrower: Any individual that will suppose obligation on financing, capture a title demand for the home and intentions to inhabit the house because their number one household.
Co-Signer: Any individual who can assume duty toward loan, however, who can not bring a title interest in the property neither inhabit the home.