If a customer purchases an eligible item during a sales tax holiday, but after the sales tax holiday returns the item and receives a credit toward the subsequent purchase of a different item, the purchase of that item does not qualify for the exemption even if it is an eligible item.
loan amortization schedule. Definition. Schedule of loan payments that shows due dates and the amount of money that will applied to the principal and the amount that will go towards the interest. This schedule may be adjusted if a borrower pays more than expected during a specific billing period.
DEFINITION of 'Origination'. The process of creating a home loan or mortgage. During the origination process, a borrower submits a variety of financial information-tax returns, prior paychecks, credit card info, bank balances, etc.- to the mortgage lender, who uses it to determine the type of loan the borrower is eligible for and what interest rate he or she will pay.veryone must go through the origination process when obtaining a real estate loan, although the type of loan can vary greatly. The three most common loan types are fixed-rate, adjustable-rate and hybrid.