Mortgages explained

Mortgage is usually a long term loan secured by the property which is also known as claim on property. Property buyer is entitled to monthly payments of which is basically of principle and interest. In case buyer is unable to pay his/her monthly instalments bank can sell that property to pay its debts and also can vista the tenants in case of a house.

Two main types of mortgages are:

• Fixed-rate mortgage
• Adjustable-rate mortgage

Fixed-rate mortgage usually come with 15 years term and 30 years of term. In this borrower pays fixed monthly payment of principle and interest from its first payment to last payment. If market interest rate rise due to any change in market or prime rate decreased by Reserve bank of Canada borrower don't have to pay more. In case of drops in the interest rate borrower has option to to secure that rate with refinancing the mortgage. It is also known as 'Traditional mortgage'   

Adjustable-rate mortgage as from the name it shows, it adjust with the market interest rate. Usually we can borrow money at lower rate in adjustable rate mortgage but it changes with change in the market rate or any change in  prime rate by Reserve bank of Canada. It can make difficulties for borrower if rates rise as the monthly payments become unaffordable for borrower. it can also be beneficial if rates go down as it will decrease monthly payment of borrower. 
source:http://www.investopedia.com/terms/m/mortgage.asp

Here is a video that also explain mortgage: