The company does not “Buy” the property for you, they grant you a loan which you use to buy the property. However you are using the value of the property as collateral against the loan if you were to stop paying.
When you get to the end of the fixed rate you can repay the loan in full with no penalties. If you get a new fixed rate mortgage this is what is done, whether with a new company or not. lets say you have a mortgage with company A for $500K and after the fixed rate you have paid it down to $480K. You get Company B to give you a mortgage for $480K and they will pay off your first mortgage, and take the place of Company A.
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