Midland Mortgage offers several services surrounding the issuing and collection of loans, specifically for the purchase of a home. In addition to lending money for purchases, it also offers customers delinquency assistance, the option to purchase mortgage insurance and submit claims if the mortgaged property experiences damage or other issues.
The primary services available from Midland Mortgage are the issuance of home loans through the mortgage format. In a typical mortgage, the financial institution issues a person or party a monetary loan for the express purpose of purchasing a home or similar property. The person taking out the loan agrees to repay the money to the financial institution within a set period of time along with interest in the form of a percentage of the total amount. The borrowing party also agrees to list the home as collateral, meaning that if the party is unable to repay the loan, Midland Mortgage has the legal right to take possession of the home in order to cover the remaining payments.
In conjunction with the lending department, Midland Mortgage also offers customers assistance with scheduling payments and working out payment plans in the event of delinquency. Another service it offers is mortgage insurance, with which the borrowing party receives additional coverage from Midland Mortgage to cover potential damage to the home that would affect its valuation, as per the terms of the initial mortgage agreement.