Mortgage Company – What it can do for you

2007-03-08 10:33:40

( Financial )



A mortgage company offers loan packages to customers who intend to buy a property. A mortgage company offers various services, competitive interest rates and different schemes of repayment for their loans. The most common type of mortgage is home mortgage since most people do not have the required cash to purchase a home. A mortgage company normally has a website where interested customers can easily browse and search the types of mortgage loans offered, interest rates, loan period and additional fees and charges for the loan.

The term mortgage originated in the 1500s from Sir Edward Coke. Sir Edward doubted whether the mortgagor would pay his debt. If the mortgagor failed to pay his loan, his property (mostly land) given as security, was confiscated. He coined the term mortgage, mort (from the French word) meaning dead and gage (from the Old English word) meaning pledge.

Mortgage companies are also into refinancing. Refinancing companies or refinance companies grant loan to a customer which is then used to pay an existing loan with another financial institution. For students seeking a loan to continue their college education, they can approach student loan companies or the government. Student loans normally have lower interest rates.

A mortgage company in the US is not hard to find. But it is advisable that you research first the financial stability of the mortgage company, its history, track record of competence and reliability, and satisfaction rating from past customers. It is also advisable to get pre-approved loan applications from more than one mortgage company. This way, you can compare the services and interest rates they offer. A difference of ½ percent can save you hundreds or thousands of dollars in the long run.

The Better Business Bureau which is a consumer group is also a good source of information on a mortgage company. They check and validate the information they gather on these companies.

Some of the more established mortgage companies are Ameriquest Mortgage, Chase Mortgage, Countrywide Mortgage, EMC Mortgage, GMAC Mortgage, Irwin Mortgage, National City Mortgage, Option One Mortgage, Saxon Mortgage, Sun Trust Mortgage and Wells Fargo Home Mortgage.


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