Mortgage is a French legal term, which stands for dead pledge. It is an instrument that is used to form a lien on any property, by drawing a contract. Mortgage can be used to purchase residential or commercial property without paying the full value upfront. Borrowers can also use mortgage to place their property as security against the debt to the lender. Borrowers here are called mortgagers and the lenders are known as mortgagees. These lenders are financial institutions, such as banks and also known as mortgage companies. There are some mortgage companies that specialize in providing customized mortgages.

Mortgage companies have loan officers, underwriters, assessors and other supporting mortgage professional, all linked together, as a part of mortgage providing machinery. They have loan officers who generate business for the company by making potential customers aware of their products and securing their business. They have assessors and underwriters to determine amount of the risk the mortgage company will be taking in advancing the mortgage to the applicant. This assessment is done on the basis of the credit history, payment record of the borrowers, the term decided and the down payment made.

There are many mortgage companies competing for business in the huge financial market. They have to adopt many strategies and advertise various ways of contacting them, through billboards, television, radio, pamphlets and other innovative ways to attract the attention of the people. Most mortgage companies can be reached through the phone, Internet or by visiting their local offices.

Besides conventional mortgage plans, mortgage companies also offer mortgages for people with bad or no credit rating. They provide refinancing and second mortgages options to their existing and new customers. Mortgage companies provide help and counseling to customers, regarding the type of the mortgage best suited to their needs and budget.