The Basics of Getting a Mortgage  While there are several factors to consider when making a mortgage decision, there are essentially four key elements that should be considered: Term - the contracted length of time you pay a specific rate on the mortgage. Term lengths range from 6 months to 10 years and can be open or  closed. A closed term has less flexibility than an open term, which can be paid out in full at anytime with no penalty.  Your term is separate from your amortization or life of your mortgage, amortization is the number of years over which the repayment of your mortgage loan is calculated. Rate - the interest rate on the mortgage is either fixed or variable. A fixed rate means the same interest rate and payment guaranteed for the length of your mortgage. A variable rate means your interest rate fluctuates with changes in the prime rate. Term Type - specifies the conditions associated with paying out the mortgage as in open or closed. An open mortgage can be paid in full with no penalty where as a closed mortgage has restrictions. Flexibility - defines the ability to repay additional amounts thereby reducing your outstanding principal throughout the term of the mortgage; either ongoing with regular payments or lump sum bonus payments, for example a closed mortgage with one lender may allow lump sum payments of up to 15% of the mortgage amount per year when another lender may allow up to 20%.   What Information and Documentation is Required to get a Mortgage? For all the information you need regarding what information your Mortgage Associate will need, please click below.  There you find information that will help make the mortgage process simple and streamlined and help you get a mortgage. Remember, this is a guide only, it is a starting point and depending on your individual mortgage application and circumstances more or less paperwork may be required.     Mortgage Process - What you need to Get a Mortgage     Have you Heard there are Costs  Associated with Getting a Mortgage?  This is true, and it is important you are aware of what these costs are and how much they could be, especially if you are a first time home buyer. Please click below to learn more.     Closing Costs - The Costs of Getting a Mortgage    "Nicki was an absolute God send for us,as first time home buyers. She went out of her way to accomodate our needs and phone us at a time that was convenient for us, irrelevant if it was within her 'working' hours, unlike other brokers. Her communication skills were second to none, comforting us in the stressful and eventful times associated with the home buying process. She explained everything from getting approved for a mortgage to closing costs we may encounter. NIcki was relentless at getting us approved for the house of our dreams and wouldn't quite until she found the lender of our choice. Her enthusuaism, tenacity and professionalism combined to set Nicki apart from other brokers. Nicki truly made our first time home buying a memorable experience and was an invaluable asset!"