Loan terminology glossary
The terms and definitions that follow are supposed to offer easy, casual meaning for phrases and words you may possibly see on our internet site which could never be familiar for your requirements. The particular meaning of a term or expression is determined by where and just how its utilized, considering that the appropriate papers, including finalized agreements, client disclosures, interior Program policy manuals and industry use, will control meaning in a context that is particular. The terms and definitions that follow haven’t any effect that is binding purposes of every agreements or other deals with us. Your Campus Housing Programs Representative or perhaps the workplace of Loan tools staff will undoubtedly be pleased to respond to any certain concerns you might have.
ACH:(see Automated Clearing Home)
Amortization: Loan payments by equal regular amounts determined to cover from the financial obligation at the conclusion of a hard and fast duration, including accrued interest in the outstanding stability.
Amortized Loan: financing become paid back, by a number of regular installments of principal and interest, which are equal or almost equal, without having any balloon that is special just before readiness.
Anniversary Date: The date upon that your twelfth repayment is due. This does occur when you look at the calendar that is same and time every year thereafter on any MOP Promissory Note.
Yearly portion Rate (APR): a portion price that reflects the quantity of interest acquired or charged.
Applicant: An qualified Appointee designated by among the ten University campuses, workplace associated with President or, LBNL as entitled to submit an application for that loan underneath the UC Home Loan Program. Continue reading