Automated Clearinghouse (ACH): An electronic funds transfer network that enables direct money transfers between participating bank accounts and lenders. This feature is available only to borrowers who are not currently on active payroll status.
Balloon Payment: An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note. Beneficiary: The lender on the note secured by a deed of trust. Borrower: An eligible person as specified in an executed Fast easy loans for pensioners of Eligibility, prepared by the appropriate campus representative, who will be primarily responsible for the repayment of a Program loan.
Bridge Loan: A temporary loan, usually less than 12 months, provided to a borrower when the net proceeds from a sale of a prior residence are not available for the purchase of a new home. It is intended that a bridge loan will be paid off with the net proceeds from the prior residence's sale. Close of Escrow: The meeting between the buyer, seller and lender (or their agents) where the property and funds legally change hands.
Certification of Eligibility : Form signed fast easy loans for pensioners fast cash loan in one hour representative certifying that the applicant is eligible for Program participation and the amount of the loan allocation. Also known as form OLP-30.
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