What are Mortgage Lenders?
Mortgage lenders are financial institutions which offer mortgage loans to people who wish to purchase property. The lender uses its assets to offer loans, relying on borrowers to repay their loans over a fixed period of time. Failure to repay the mortgage will result in foreclosure, in which the property is taken from the borrower and sold at auction in an attempt to recoup the cost of the loan. Around the world, mortgage lending is a big business, since very few people can afford to pay cash for property, and therefore they must secure mortgage loans.
