Generally, mortgages are an agreement that serves as security for the repayment of loan. This actually will give comfortable to the lender as they may feel more secure rather than trust someone blindly.
When you are on mortgages then the ownership cannot be transferred to someone else. So, before make a commitment, better think twice and get as much information as you can.
Besides that, you also must know that different company will offer different interest rate for mortgage loan. In some country, interest may be fixed for the whole life of the loan but it may be variable also, and can be changed at certain time period. It is important to ensure that you always have the best mortgage rate, and therefore pay the least interest. If you can take 0.01 percent less then you may have huge savings in future.
Sometimes, you will owe more than how much that you should paid. This is because interest is charged each month on the outstanding balance. However, the borrower still has the option to increase or decrease the amount paid during repayment of loan.
In Europe, it would be a suitable time for borrower during the season of fall & winter since there will be more competition of a few loans and the loan companies will lower their fees at that time.
If the lender is keeping the loan, then they will earn from the interest that you pay each month. If the borrower fails to make repayment then the lender can settle the funds and can make more loans to other homebuyers.