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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
Tax Lien: claim placed against a property for the purpose of repaying back taxes. Property may be sold for payment of delinquent taxes.
Tenancy by the Entirety: type of joint tenancy of property that provides right of survivorship and is available only to a husband and wife.
Tenancy in Common: type of joint tenancy in a property without right of survivorship.
Termite Inspection: inspection for termites before a house can be sold. You should receive a certificate from a termite inspection firm stating that the property is free of both visible termite infestation and termite damage.
Third-Party Origination: process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
Thrifts: depository institutions that primarily serve consumers and include both savings banks and savings and loan (S&L) institutions.
Title: legal document evidencing a person's right to or ownership of a property.
Title Company: firm that provides title insurance and confirms that the title to a property is clear.
Title Insurance: insurance that protects the lender against any claims that arise from arguments about ownership of the property.
Title Search: a check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.
Total Expense Ratio: total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts.
Townhouse: townhouse is similar to a condominium in that it's a type of joint real estate where each housing unit is individually owned.
Trade Equity: equity that results from a property purchaser giving his or her existing property as all or part of the down payment for the property that is being purchased.
Transfer of Ownership: any means by which the ownership of a property changes hands.
Transfer Tax: assessment on a piece of property by state or local authorities when the ownership of the property changes.
Treasury Index: index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans.
Trust Account: special account to safeguard funds for a buyer or seller, primarily used by brokers and escrow agents. An escrow or impound account is also a trust account.
Trustee: individual who holds or controls property for the benefit of another.
Truth-in-Lending: a federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan. The Truth-In-Lending Statement includes the annual percentage rate (APR), as well as the other terms of the loan.
Two- to Four- Family Property: property that consists of a structure that provides living space for two to four families, although ownership of the structure is evidenced by a single deed.
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