A mortgage company is a company that makes mortgage loans for those who cannot afford to buy a home. It is not a foreign aspect for a person or group of people to mortgage their home. Through the mortgage companies that are out there you can buy, and pay off the mortgage to your home. Through way of monthly payments, people have a way of paying off their home without having to pay in a large lump sum when they first want to purchase it. A mortgage usually takes multiple years to pay off, depending of course on the amount being paid monthly.
Without the help of mortgage companies, buying a home would be a daunting task that only the extremely well off could afford. Mortgages do not only extend to houses, they are also available on condominiums and other area such living areas that are too expensive to pay off all at once. Although having a mortgage may give the feeling that you are indefinatley tied down to that house, it is not so. You can negotiate selling of the house while you are still under the mortgage by keeping the difference and the next buyer taking up the mortgage.