Mortgage terms and conditions glossary
The brand new terms and significance you to definitely follow should render simple, informal definition for content your iliar for your requirements. The particular concept of an expression otherwise phrase is dependent upon in which as well as how it is utilized, since associated records, and signed preparations, customers disclosures, internal Program coverage guides and you can community need, will control meaning during the a particular framework. The fresh terminology and meanings you to pursue do not have joining impact to own purposes of any contracts or other deals with our team. Their Campus Housing Apps Member or even the Place of work away from Loan Software team will be prepared to answer people specific inquiries you may also provides.
Good | B | C | D | Age | F | Grams | H | I | J | K | L | Meters | N | O | P | Q | Roentgen | S | T | U | V | W | X | Y | Z
Amortization: Loan payments by the equivalent periodic number calculated to settle the newest personal debt after a predetermined months, as well as accrued attract to the outstanding harmony.
Amortized Loan: That loan to get repaid, by a series of typical installment payments regarding principal and you can attract, which can be equal otherwise almost equal, without any special balloon percentage prior to maturity.
Anniversary Go out: The day where the brand new 12th fee is due. This happens in the same calendar month and you may go out each year afterwards to your any MOP Promissory Notice.
Applicant: An eligible Appointee appointed by among the 10 University campuses, Workplace of your Chairman or, LBNL due to the fact permitted make an application for a loan in UC Home loan System.
Application Number : An enthusiastic itemized selection of records the debtor together with campus need make available to work from Loan Software to possess either pre-recognition or mortgage approval. Known as function OLP-09.
Automated Clearinghouse (ACH): A digital finance import system that allows lead money transfers anywhere between playing bank account and you may lenders. This particular aspect is obtainable merely to individuals who are not already to your energetic payroll standing.
Balloon Fee: A payment percentage into the a good promissory note – the finally that to have discharging the debt – which is notably larger than one other installments considering under new regards to the newest promissory note.
Borrower: A qualified person since the specified inside a keen done Qualification from Qualifications, prepared by the right university user, that happen to be pri financing.
Link Mortgage: A temporary loan, always less than 12 months, agreed to a debtor in the event the web proceeds from sales off a previous home aren’t available for the purchase of another house. It is designed you to a link financing was paid back to your web proceeds from the last home’s business.
Intimate regarding Escrow: Brand new appointment between the buyer, provider and you will bank (otherwise their representatives) the spot where the assets and you can loans lawfully transform hand.
Certification away from Qualification : Form signed by university member certifying your candidate is eligible to have Program involvement as well as the level of the borrowed funds allotment. Labeled as function OLP-31.
People Assets: Possessions acquired from the a wedded pair, or both spouse when you payday loans Owosso MI look at the a wedded few, while in the marriage, you should definitely obtained as independent property off either.
Work environment out of Financing Software
Co-Borrower: People who’ll imagine obligation towards loan, bring a name demand for the property and you may plans to undertake the house or property as his or her number one residence.
Co-Signer: Anybody who can suppose responsibility with the loan, but who’ll maybe not get a concept demand for the property nor entertain the house or property.