Equity: The difference between the fair market value of a property and the current indebtedness secured on advanced cash форум property. Escrow: A situation in which a third party, acting as the agent for the buyer and the seller, carries out the instructions of both and assumes the responsibilities of handling all the paperwork and disbursement of funds at settlement or advanced cash форум closing. Escrow Holdback : Funds retained by the escrow company after the close of escrow until advanced cash форум andor required termite work has been completed.
Evidence of Insurance : Written documentation from a hazard insurance company that a homeowners policy is in existence on a property. Typically, this is NOT an insurance policy, but a commitment from the insurance company to provide a policy for a specific property at a specific time and premium amount.
Faculty Recruitment Allowance Program: A University of California program authorizing the granting of special housing allowances to assist with down payments, mortgage payments, and other housing related costs. The assistance may be paid in one lump sum or over a period not to exceed ten years in equal, unequal, or declining balance amounts. The maximum assistance amount is indexed based upon salary increases for faculty. The eligible population for the program is full-time University appointees who are members of the Academic Senate or who hold equivalent titles and Acting Assistant Professors.
Prepaid Interest: Mortgage interest that is paid from the date of the funding to the end of that calendar month. Primary Residence: A dwelling where one actually lives and is considered as the legal residence for income tax purposes. Principal: The amount of debt, exclusive of interest, remaining on a loan. Principal and Interest to Income Ratio: The ratio, expressed as a percentage, which results when a borrower's advanced cash форум Principal and Interest payment expenses is divided by the gross monthly household income.
The maximum allowable ratio for MOP loans is 40. Also known as PI ratio.
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