Underage refers to the situation that arise whereby the fees charged to a borrower by a loan officer is less than the target fees specified in the guidelines of the lender or broker.
It has nothing to do with legal ages for buyer alcohol or cigarettes.
While many people still have the mindset that it is near impossible to “get one over” a lender, occassions like these actually happen more frequently that you’d imagine.
(S – P) / P = R
S = Sales price
P = Purchase price
Closing date simply refers to the date when the closing took (or will be taking) place.
From a property buyer’s perspective, the closing date has a huge significance because real estate transactions often come with expiry dates for the validity of contracts.
For example a sales and purchase agreement will include with it the date by which the transaction should be completed. Or specify a certain number of days from the date of contract by which closing should take place.
The maturity of a loan refers to the date or period when the last payment of remaining outstanding balance is due.
At which point, the loan matures.
Borrowers should be mindful of the context of when this term is used.