Loan terms glossary
Brand new terms and conditions and meanings you to realize should provide easy, relaxed definition to own content your iliar for your requirements. The meaning of an expression otherwise keywords depends upon where as well as how it is made use of, because associated records, including finalized agreements, customers disclosures, inner Program coverage guides and you will business incorporate, have a tendency to control definition inside the a certain perspective. The fresh terms and conditions and you will definitions one to follow have no binding effect having reason for one contracts or any other purchases with us. Their University Homes Apps Associate or the Place of work out-of Loan Apps staff would be willing to answer any certain concerns you can also provides.
A | B | C | D | E | F | Grams | H | I | J | K | L | M | Letter | O | P | Q | R | S | T | You | V | W | X | Y | Z
Amortization: Loan costs from the equal periodic number determined to repay brand new loans at the end of a fixed months, and accrued notice to your outstanding harmony.
Amortized Financing: Financing online title loans Colorado getting paid down, of the a series of regular installment payments regarding principal and you may interest, that are equivalent or nearly equal, without the unique balloon payment in advance of readiness.
Anniversary Day: The brand new day upon which brand new twelfth payment is due. This occurs in the same thirty day period and you may go out from year to year afterwards into one MOP Promissory Note.
Applicant: An eligible Appointee designated by among the 10 University campuses, Work environment of Chairman or, LBNL since the entitled to get a loan under the UC Financial Program.
Software Number : An enthusiastic itemized set of files your debtor in addition to university need provide to any office of Loan Software having often pre-recognition or financing acceptance. Known as setting OLP-09.
Automated Clearinghouse (ACH): A digital money transfer circle that enables head currency transfers between participating bank accounts and you can loan providers. This particular aspect can be acquired only to individuals who are not currently for the productive payroll position.
Balloon Fee: A payment fee into a great promissory notice – usually the last that to possess discharging your debt – which is rather larger than another installment payments provided lower than the fresh regards to the new promissory notice.
Borrower: An eligible people because the specified inside the an enthusiastic conducted Degree of Qualification, prepared by appropriate campus representative, that are pri financing.
Bridge Financing: A short-term mortgage, always below 1 year, provided to a debtor in the event the net arises from a-sale regarding a past quarters are not designed for the acquisition regarding a different sort of household. It’s implied you to a bridge financing could be paid down to your websites arises from the earlier residence’s profit.
Personal out-of Escrow: The latest conference involving the consumer, merchant and you may financial (or their representatives) where in actuality the property and you can funds lawfully transform hands.
Qualification from Qualification : Setting closed of the university representative certifying that applicant is eligible to own Program involvement additionally the amount of the mortgage allotment. Known as setting OLP-30.
Society Property: Property received by a married couples, or often companion inside a married pair, through the relationship, when not gotten while the independent property out-of often.
Office away from Mortgage Programs
Co-Borrower: Any person who will guess responsibility to your loan, take a title interest in the house and you can intends to invade the house since their number 1 household.
Co-Signer: People who will guess duty on loan, however, that will not simply take a concept interest in the house or property nor occupy the home.