Loan terminology glossary
The terms and definitions that follow are designed to provide easy, casual meaning for phrases and words you might 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 exactly how it really is used, since the appropriate documents, including finalized agreements, client disclosures, interior system policy manuals and industry use, will get a handle on meaning in a context that is particular. The terms and definitions that follow do not have effect that is binding purposes of any agreements or other transactions with us. Your Campus Housing Programs Representative or perhaps the Office of Loan tools staff will soon be very happy to respond to any particular concerns you might have.
ACH:(see Automated Clearing Home)
Amortization: Loan re re re payments by equal regular quantities calculated to cover from the financial obligation at the conclusion of a hard and fast duration, including accrued interest from the outstanding stability.
Amortized Loan: that loan become paid back, by a few regular installments of principal and interest, which can be equal or almost equal, with no balloon that is special just before readiness.
Anniversary Date: The date upon that the payment that is twelfth due. This happens into the calendar that is same and time every year thereafter on any MOP Promissory Note.
Yearly portion Rate (APR): a portion rate that reflects the total amount of interest acquired or charged.
Applicant: an appointee that is eligible by one of several ten University campuses, workplace for the President or, LBNL as entitled to submit an application for a loan underneath the UC Home Loan Program. Read More