Financing terms glossary
The fresh new terms and conditions and you will meanings one pursue should promote effortless, informal definition for words and phrases you iliar for you. The meaning of a phrase otherwise terminology is dependent on where as well as how it’s put, since the associated data, including finalized arrangements, consumer disclosures, interior System plan guides and you can community use, have a tendency to handle meaning in the a particular framework. The latest terms and conditions and you can definitions one pursue haven’t any joining perception to possess purposes of one contracts or any other transactions with our company. Your own Campus Property Applications Representative or even the Work environment out-of Financing Apps personnel will be happy to answer any specific questions you can features.
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Amortization: Financing money because of the equal occasional wide variety computed to repay the brand new obligations at the end of a predetermined months, as well as accrued interest into the a good equilibrium.
Amortized Financing: That loan to-be paid down, by the some normal payments off principal and you can appeal, that will be equivalent or almost equivalent, with no special balloon fee before maturity.
Wedding Day: The fresh big date where the brand new twelfth commission arrives. This occurs in the same 30 days and you may day from year to year thereafter on the any MOP Promissory Mention.
Applicant: An eligible Appointee appointed from the one of the ten College campuses, Workplace of your own President or, LBNL as eligible to apply for a loan in UC Financial Program.
Application Listing : An itemized list of records that borrower plus the campus have to provide to the office out-of Mortgage Apps to own both pre-acceptance otherwise loan acceptance. Called form OLP-09.
Automatic Clearinghouse (ACH): An electronic finance transfer circle that enables direct money transfers between playing bank account and you can loan providers. This particular aspect is obtainable only to borrowers who aren’t currently to the effective payroll reputation.
Balloon Fee: A payment percentage with the an effective promissory mention – usually the latest one to possess discharging the debt – that is notably larger than others installments considering below this new terms of this new promissory mention.
Borrower: A qualified person as the given in a keen executed Certification away from Qualification, made by the appropriate university representative, that pri financing.
Bridge Mortgage: A temporary financing, usually less than 12 months, offered to a borrower in the event the online arises from a-sale from an earlier household commonly readily available for the purchase of a different sort of household. It’s created one a bridge loan might be repaid on web arises from the earlier residence’s installment loans Mississippi product sales.
Workplace from Financing Apps
Close of Escrow: The new conference between your client, vendor and you may bank (or the representatives) in which the assets and financing legally change hand.
Qualification away from Eligibility : Form finalized from the university associate certifying your applicant is eligible to possess System contribution and amount of the mortgage allotment. Also known as mode OLP-29.
Neighborhood Possessions: Possessions acquired from the a wedded pair, or either spouse inside a wedded couples, during relationship, if not received while the separate assets out of either.
Co-Borrower: Any person who’ll assume duty on financing, simply take a concept need for the property and you can intentions to reside the house because their number one home.
Co-Signer: Any person that will imagine obligations into mortgage, but who’ll not need a title demand for the home nor entertain the home.