Before we head over to the great start of the list of mortgage companies, let us first define what a mortgage is. It is true that with the help of a mortgage, you can acquire or buy a home or house. A mortgage is more like a legal agreement by which a building society or a bank lends money at a certain interest in exchange for taking the title of the debtor’s property with the condition that the conveyance of title becomes void upon the full payment of the debt.
Now, taking a mortgage is one of the most substantial financial decisions an individual can ever make. It is no doubt essential to understand what you are going into before you borrow money to buy a house.
How Does Mortgage Work? – How Mortgage Works
A mortgage works in a very simple way. There is no need for you to be confused as to how this service works. A mortgage consists of two primary elements. These primary elements are principal and interest. The principal mortgage is a situation where the amount of money borrowed is the total amount of money used to purchase the house. An interest mortgage is a situation where the lender charges the borrower to borrow the money supposed to be used in purchasing the house.
List of Mortgage Companies
In simple terms, a mortgage is a loan from a bank or other financial institution that helps a borrower purchase a house. The collateral of the mortgage is the home itself. There will be no collateral collected apart from the home. This is done so that if the borrower Is unable to make repayments successfully, the bank or financial institution can sell the house to recover bank the money lost. Below is a list of some of the mortgage companies.
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FBN Mortgages
This mortgage company FBN Mortgages Limited is a primary mortgage bank that has its focus on delivering the best mortgage banking services and products. FBN Mortgages is in a very unique position to help customers make those critical steps toward owning a home.
Platinum Mortgage Bank Ltd
Now Platinum Mortgage Bank Limited is one of Nigeria’s leading primary mortgage institutions. If you would like to know, the institution was incorporated in the year 1992 with the Corporate Affairs Commission to provide savings, loans, and homeownership services. That is not the end, this mortgaging company is also respectively providing mortgage banking services.
Abbey Mortgage Bank Plc
Abbey Mortgage Bank Plc is one of the premier’s most affordable and largest non-aligned primary mortgage banks in Nigeria. It is one of the banks licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria. They offer various mortgage and investment products to their customers.
Rocket Mortgage
Rocket Mortgage is an online and mobile-friendly mortgage application process developed by Quicken Loans launched in 2015. This site can help you go through the loan process at your own pace. Application for a mortgage on this platform is very simple. Everything in this platform is all about helping you thoughtfully move from one step to the next.
NBKC Bank
The National Bank of Kansas City is what NBKC means. This is not just any name but the name of a mortgage lender that hopes to help individuals acquire a house in very simple terms. The bank was launched in 1999 and was later renamed to its current name NBKC Bank in 2015.
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New American Funding
New American Funding is one of the very few national mortgage lenders that can claim to be family-owned. This mortgage company has grown gradually to become among the top thirty national lenders. The company’s early efforts to reach a large range of borrowers over the years have indeed paid off.
Bank of America Mortgage
The Bank of America Mortgage is ideal for borrowers who prefer a traditional bank. It offers several loans with a low down payment. Also, already existing customers can get a discount on fees. One of the Pros or advantages of this platform is that it allows borrowers to apply entirely online. It also accepts alternative credit data for some loan types. Just in case you would like to know, the Bank of America is one of the largest banks in the world.