A mortgage is a loan agreement between a borrower and a lender where the borrower pledges their property as collateral for the loan. If the borrower fails to repay the loan, the lender has the right to take possession of the property.

To qualify for a mortgage, lenders typically consider factors like your credit score, income, employment history, debt-to-income ratio, and the value of the property you want to buy.

The interest rate you can get on a mortgage depends on various factors such as your credit score, loan term, loan amount, and the current market conditions. It's best to shop around and compare offers from different lenders to find the best rate for your specific situation.

The down payment required for a mortgage can vary depending on the type of loan and the lender's requirements. Generally, a down payment of 20% of the home's purchase price is recommended to avoid private mortgage insurance (PMI), but there are options available with lower down payment requirements.

Closing costs are fees associated with the purchase of a home that are paid at the closing of the transaction. These costs typically include appraisal fees, title insurance, attorney fees, recording fees, and more. On average, closing costs can range from 2% to 5% of the loan amount.

The time it takes to get approved for a mortgage can vary depending on various factors such as the lender's process, the complexity of your financial situation, and the completeness of your documentation. On average, it can take anywhere from a few days to several weeks.