Автор: Mortgage terminology glossary
The latest words and meanings you to definitely pursue should promote simple, relaxed meaning to own content you iliar for you. The particular meaning of an expression otherwise terms will depend on in which and exactly how it is put, because associated data, together with finalized agreements, customer disclosures, inner System coverage guides and you will business use, tend to manage meaning within the a certain perspective. The latest terminology and you may meanings that realize don’t have any joining impression to possess purposes of any contracts or other deals with our company. Your own University Houses Software Affiliate or the Workplace of Mortgage Programs group could well be ready to respond to one particular issues you may want to have.
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Amortization: Financing repayments because of the equal unexpected quantity determined to repay the latest financial obligation after a predetermined several months, plus accrued attract on the a good balance.
Amortized Loan: That loan getting paid, by the a series of typical installment payments out of dominating and appeal, that will be equivalent or nearly equivalent, without any special balloon percentage just before maturity.
Wedding Go out: The date where the twelfth percentage is due. This happens in the same calendar month and you may big date yearly afterwards to your one MOP Promissory Mention.
Applicant: An eligible Appointee appointed by the one of many 10 School campuses, Office of your Chairman or, LBNL given that permitted apply for financing under the UC Financial Program.
Software Record : An enthusiastic itemized list of documentation the borrower while the campus must provide to work of Loan Software for sometimes pre-approval otherwise financing recognition. Called setting OLP-09.
Automatic Clearinghouse (ACH): An electronic digital money transfer system that enables head money transfers anywhere between performing bank accounts and you will loan providers. This particular aspect can be found merely to individuals who are not currently to the active payroll installment loans in Mississippi condition.
Balloon Payment: A payment payment toward a great promissory note — often the finally you to having discharging the debt — that’s rather larger than additional payments given significantly less than new regards to the latest promissory mention.
Borrower: A qualified individual since given within the an executed Degree of Qualification, prepared by the right university representative, who’re pri financing.
Bridge Financing: A temporary loan, usually less than one year, provided to a borrower in the event that internet proceeds from a-sale off an earlier residence commonly available for the purchase off a new family. It is designed you to a bridge loan would be paid off to the online proceeds from the prior house’s purchases.
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Close of Escrow: The new appointment between your buyer, provider and financial (or their agents) where assets and money legitimately changes hand.
Qualification away from Eligibility : Means closed because of the campus user certifying your candidate is eligible for System participation together with quantity of the loan allocation. Also known as setting OLP-31.
Community Property: Property obtained from the a wedded pair, or both lover within the a married pair, throughout the relationships, when not acquired due to the fact independent assets regarding either.
Co-Borrower: Anybody who can imagine duty toward mortgage, bring a subject interest in the house or property and you will plans to consume the house or property because their top house.
Co-Signer: People who can assume duty with the financing, but who will not bring a concept interest in the house neither inhabit the house or property.
