Mortgage companies are financial institutions that provide loans to individuals or businesses for purchasing real estate. These loans, known as mortgages, allow borrowers to buy homes or properties without paying the full price upfront. The borrower agrees to repay the loan over a set period, typically with interest, making monthly payments until the loan is fully paid off. These companies assess the borrower's creditworthiness and financial situation to determine loan eligibility and terms. They may also offer various mortgage products, such as fixed-rate or adjustable-rate mortgages, to meet different needs. Mortgage companies play a crucial role in the real estate market by facilitating homeownership.