Loan terminology glossary
The terms and definitions that follow are designed to offer easy, informal meaning for phrases and words you may possibly see on our website which could never be familiar for your requirements. The precise concept of a phrase or expression is determined by where and exactly how it’s utilized, as the appropriate papers, including finalized agreements, client disclosures, internal system policy manuals and industry use, will get a grip on meaning in a specific context. The terms and definitions that follow do not have effect that is binding purposes of any agreements or any other deals with us. Your Campus Housing Programs Representative or even the workplace of Loan products staff are going to be very happy to respond to any certain concerns you could have.
ACH:(see Automated Clearing Home)
Amortization: Loan re re re payments by equal regular quantities determined to cover the debt off by the end of a hard and fast duration, including accrued interest in the outstanding stability.
Amortized Loan: that loan become repaid, by a number of regular installments of principal and interest, which can be equal or almost equal, with no balloon that is special ahead of readiness.
Anniversary Date: The date upon that the twelfth repayment is due. This happens into the calendar that is same and day every year thereafter on any MOP Promissory Note.
Yearly portion Rate (APR): a portion price that reflects the total amount of interest made or charged.
Applicant: An qualified Appointee designated by among the ten University campuses, Office for the President or, LBNL as entitled to submit an application for a loan beneath the UC Residence Loan Program. Continue reading Workplace of Loan Products. To get a meaning, click on the very first page associated with term.