A legal document by which real property is pledged as security for the repayment of a loan. It is commonly used to refer to a loan for the purpose of purchasing a property.
The pledge is canceled when the debt is paid. It acts as your personal guarantee Most mortgage loans are negotiated for a set time period of less than 10 years.

Types of mortgages:

• Fixed rate mortgage
• Adjustable rate mortgage
• Low interest rate mortgage
• Interest only mortgage

Fixed Rate Mortgage: It is most common form of mortgage as it is stable and provides little to no risk like some other mortgages that are not fixed. This mortgage guarantees a certain interest rate for a period of time. A fixed-rate mortgage is a mortgage where the interest rate on the loan remains the same throughout the lifetime of the loan. The most popular fixed mortgages is over a period of 10 years.However, you can make it short for 4, 5, or 6 years.
The advantage is that monthly payments will remain the same. However, if you lock into a higher interest rate, the rate will not change, even if interest rates go down in the future

Adjustable Rate Mortgage: With a fixed rate mortgage your monthly payments will be the same till the term of mortgage, and you will always know what you'll have to pay. But with an adjustable rate mortgage (ARM) your payments will change over time, adjusted' when the interest rate is adjusted at regular intervals. Interest rate changes  periodically. This type of mortgage is best suited for those whose can afford to take the risk of interest rate change. If the interest rate goes up ,your payments will also go up, however if the interest rate goes down your payments will
decrease. 

Low Interest Rate Mortgage: Everyone wish to get a A low interest rate mortgage But to get this kind of mortgage you have to try to negotiate with lender yourself, or think about taking the help of mortgage broker as he may know about certain lenders who are offering a low interest rate mortgage, thus saves your time.

Interest Only Mortgage: An "interest-only" mortgage as the name suggest is one where You can pay only the interest on the mortgage. This help in reducing your payments, but it also means that the debt will never be paid off.