Now you have found a home and have given your lender all the required documentation, you now need to make some important decisions: fixed rate, variable rate, open mortgage, closed mortgage, and amortization. These are standard terminology in the mortgage field, make sure if you don't understand, please ask your broker. Also, take their advice, the mortgage broker is the expert in this area and might know more about the mortgage 'market' and the interest rate projections than yourself. Keep in mind, the standard 5 year fixed rate mortgage is not for everyone and there are lots of unique mortgage products such as cash back mortgages, mortgage rate buydowns, alternatively using a secured line of credit instead of a mortgage. Keep an open mind and find out what truly benefits you and your family.