Mortgage terms glossary
This new terms and meanings one realize should bring easy, everyday meaning to own words and phrases your iliar to you. This concept of an expression otherwise words depends upon where and just how it’s utilized, once the relevant documents, plus closed arrangements, consumer disclosures, interior Program plan manuals and you will business usage, often manage definition for the a particular framework. The latest terminology and you may significance that follow do not have joining effect having reason for any agreements and other deals around. Your own Campus Homes Applications Representative and/or Place of work out of Financing Applications team could be ready to address any particular questions you may want to has actually.
A great | B | C | D | E | F | G | H | We | J | K | L | Meters | Letter | O | P | Q | R | S | T | U | V | W | X | Y | Z
Amortization: Financing costs from the equivalent occasional numbers computed to settle new debt at the conclusion of a predetermined period, and accumulated focus into an excellent balance.
Amortized Loan: That loan as paid down, from the a few typical installments from dominating and you will attention, that will be equal or almost equal, with no special balloon payment prior to readiness.
Wedding Big date: This new date where the new 12th fee flow from. This happens in identical 30 days and you can time on a yearly basis afterwards for the one MOP Promissory Notice.
Applicant: A qualified Appointee designated by one of several 10 College campuses, Workplace of your own Chairman or, LBNL because the eligible to submit an application for that loan in UC Financial System.
App Listing : A keen itemized selection of papers that debtor as well as the campus have to make available to work out-of Loan Applications to possess both pre-acceptance otherwise loan approval. Also known as mode OLP-09.
Automated Clearinghouse (ACH): A digital financing import system which enables head currency transmits ranging from using bank account and lenders. This particular feature is available merely to individuals who are not already towards the active payroll status.
Balloon Percentage: A repayment payment toward a beneficial promissory notice – usually the finally that to possess discharging the debt – that’s rather larger than one other installments provided around the brand new regards to brand new promissory notice.
Place of work of Mortgage Apps
Borrower: An eligible people because specified during the a keen done Qualification off Eligibility, made by the proper university affiliate, who’re pri financing.
Connection Loan: A short-term financing, always below 12 months, agreed to a debtor if online proceeds from a sale from an earlier home are not designed for the purchase out of another type of home. It is required one to a bridge mortgage might possibly be paid down on the internet arises from the previous home’s purchases.
Close regarding Escrow: This new meeting between your client, vendor and you will financial (or its agents) where possessions and you can funds legitimately alter hands.
Certification out-of Qualification : Form signed by campus member certifying the candidate is approved for System involvement plus the amount of the borrowed funds allowance. Also known as means OLP-29.
Area Assets: Assets acquired because of the a payday loans Kentucky married couple, or sometimes companion inside the a married partners, while in the relationships, if not obtained since the independent assets from both.
Co-Borrower: Any individual who’ll suppose responsibility on loan, need a subject demand for the property and you will intentions to consume the house or property as his or her number one house.
Co-Signer: Any person who can assume obligation for the loan, however, that will perhaps not get a title interest in the home neither undertake the home.