Examples of Old Loan in a sentence
With this financing, the above-mentioned Old Loan was fully repaid and Aksa Energy shares owned by Kazancı Holding, which were pledged, has become free.
The term “Certified Indebtedness Amount” means the portion of the New Loan that is equal to the principal balance of the Old Loan.
The New Loan is a refinancing (or one of a series of refinancings) of the Old Loan.
Your new credit will expire upon the earlier of the maturity dates of either your New loan or your Old Loan.
The Residence has been, and will continue to be, occupied and used as my (our) principal place of residence continuously from the later of the date on which I (we) acquired it or the date of the Old Loan, and the Residence has not been (and will not be) used as investment property, a vacation home, or recreational home; and not more than 15 percent of the area of the Residence has been (or will be) used in a trade or business.
The Purpose of Part III is to ensure that you understand that no matter what your New Loan amount is, your new MCC credit will never be allowed to exceed the credit you would have been able to take based on your Old Loan.
The Old Loan (and any subsequent refinancing if Old Loan is in a series) is the subject of an Existing Mortgage Credit Certificate issued by the County that is still outstanding.
However, if your New Loan amount is higher than the principal balance of your Old Loan at the time of refinance, figuring your credit will take an extra step.
For purposes of determining the total amount of interest to be calculated for the Old Loan (or Hypothetical Loan) for each Taxable Year, or Old Loans with balloon payments or extension features should be considered retired on the scheduled maturity date (described in the extension).
The Lender has no reason to believe that the property has not been continuously used as the principal residence of the applicant from the date 60 days from the closing of the Old Loan.