A mortgage is a loan from a financial institution to buy property that is then used as collateral for the loan. The three main elements of a mortgage are: amount, the total sum you owe the financial institution, interest rate, which is determined by current market conditions, competition among lenders, and your credit-worthiness, and loan term, how long the borrower has to pay off the loan, usually 15 or 30 years. If you have questions, contact us!