Mortgage terminology glossary
The brand new terminology and you can significance you to definitely follow are supposed to render simple, informal meaning to possess content your iliar to you personally. The concept of a phrase or words is based on where and just how it is put, just like the associated records, including closed arrangements, buyers disclosures, inner Program plan manuals and world incorporate, usually manage definition during the a certain framework. The new terms and you may definitions you to pursue do not have joining effect having reason for one agreements and other purchases with our company. Your own University Construction Applications Member or the Workplace from Mortgage Programs personnel could well be willing to address one certain questions you can even has actually.
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Amortization: Financing repayments by the equal occasional quantity determined to pay off the newest financial obligation at the conclusion of a predetermined period, as well as accrued focus with the the equilibrium.
Amortized Mortgage: That loan is paid down, of the a number of typical installments out-of dominant and appeal, which can be equivalent or nearly equivalent, with no special balloon commission before readiness.
Wedding Time: The fresh go out where brand new 12th fee arrives. This happens in identical calendar month and you may date annually after that for the one MOP Promissory Notice.
Applicant: A qualified Appointee designated of the one of several 10 College campuses, Office of Chairman otherwise, LBNL while the entitled to submit an application for a loan under the UC Mortgage Program.
Application Number : A keen itemized a number of documentation that debtor in addition to university must provide to the office regarding Financing Apps to have sometimes pre-approval or financing approval. Known as function OLP-09.
Automated Clearinghouse (ACH): A digital funds transfer system enabling lead money https://paydayloanservice.org/installment-loans-ia/ transfers anywhere between using bank accounts and you may loan providers. This particular feature is present merely to borrowers who aren’t already with the active payroll standing.
Balloon Commission: A repayment commission to your a beneficial promissory notice – usually the last one to for discharging the debt – which is significantly larger than others installment payments given significantly less than this new regards to the new promissory notice.
Borrower: A qualified individual since the specified into the a keen done Degree away from Qualifications, prepared by the right university affiliate, that pri loan.
Bridge Loan: A short-term financing, constantly below 1 year, offered to a debtor in the event that websites arises from a sale out of a past household aren’t designed for the purchase away from a different domestic. It is created you to definitely a connection financing is paid back into the net proceeds from the earlier residence’s deals.
Office out-of Loan Applications
Romantic away from Escrow: The fresh meeting within customer, provider and you may bank (otherwise their representatives) where in fact the property and fund legally alter give.
Certification away from Eligibility : Form closed from the university affiliate certifying your applicant is approved to possess Program participation as well as the amount of the loan allowance. Labeled as means OLP-29.
Area Assets: Possessions acquired of the a wedded pair, otherwise often mate for the a wedded couples, while in the marriage, if not acquired given that separate property of often.
Co-Borrower: Anyone who can guess obligations to your financing, get a concept interest in the home and you may intends to consume the home as his or her no. 1 household.
Co-Signer: Individuals who will imagine responsibility toward financing, however, who can maybe not bring a title interest in the house or property neither invade the property.