No one ever wants to default on a mortgage because of the consequence attached to it, but being held down by this same mortgage for an extended period is also a burden that everyone wants to get off their shoulders. This is the reason why it is sometimes advised to pay off the mortgage bills as early as possible to relieve the burden of payments from your shoulders.
Assuming zero knowledge of the readers about a mortgage, this article will enlighten us about what a mortgage is and the firm responsible for the funding of these mortgages (Mortgage companies).
A mortgage is a legal agreement that exists between the lenders (like your bank or a private mortgage company) to lend a certain amount of money to a borrower (like yourself) subject to an interest charge and collateral (the property being purchased). The principal activity of a mortgage company is to provide mortgage loans. A mortgage company can be a credit union, trust