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Trusted expertise, quality, excellence and integrity lay at the cornerstones of PMBC. As such, we are committed to providing nothing short of prompt, responsive, personalized attention to your home financing needs. At PMBC, you will find that each member of our team is devoted to being accessible, attentive and caring to your mortgage needs no matter what your situation may be.
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Professional Mortgage Bankers Corp.
Corporate Headquarters
400 Post Avenue, Suite 410
Westbury, New York 11590
Tel: 516.333.7800
Fax: 516.333.8004
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Impound (Escrows): portion of the monthly mortgage payment that is placed in an account and held to pay hazard insurance, property insurance, and private mortgage insurance.
Income Property: property used to generate rental income.
Incurable Defect: property defect that cannot be fixed or that would be too costly to repair.
Index: measurement used by lenders to determine changes to the interest rate charged on an adjustable rate mortgage.
In-File Credit Report: objective account, normally computer-generated, of credit and legal information obtained from a credit repository.
Inspection Report: document describing the examination of a home’s exterior and interior.
Installment: regular periodic payment that a borrower agrees to make to a lender.
Installment Loan: borrowed money that is repaid in equal payments, known as installments.
Insurable Title: property title that a title insurance company agrees to insure against defects and disputes.
Insurance: protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
Insurance Binder: temporary policy used until a permanent policy can be obtained. It is usually valid for 30, 60, or 90 days.
Insured Mortgage: mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (PMI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.
Interest: cost of borrowing money.
Interest Accrual Rate: percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments, although it is not used for an adjustable-rate mortgage (ARM) with payment change limitations.
Interest-Only Loan: loan in which the monthly payment covers only the interest; the principal balance does not decline with each payment.
Interest Rate: amount of interest charged on a monthly loan payment.
Interest Rate Buydown Plan: arrangement wherein the property seller or another party deposits money to an account so that it can be released each month to reduce the mortgagor's monthly payments during the early years of a mortgage. During the specified period, the mortgagor's effective interest rate is "bought down" below the actual interest rate.
Interest Rate Cap: the limit on the amount of interest that can be charged on the monthly payment of an adjustable rate mortgage during the adjustment period.
Interest Rate Floor: the minimum interest rate as specified in the mortgage note for an adjustable-rate mortgage (ARM).
Interest Rate for HECMs: interest rate that adjusts monthly or yearly. It is tied to the weekly average yield of U.S. Treasury securities adjusted to a constant maturity of one year. The interest charged on the HECM loan will be payable to your lender when the loan terminates.
Investment Property: real estate that generates rental income.
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