Help me learn the basics of mortgage loan.

[Tony Huerta]

Most of my clients that I work with wants to buy the property on a loan. SO, they have been asking about the current rates and plans for the mortgages. I', not very familiar with this and slowly picking up in that area. I think knowing a bit of the mortgage terms can help me in the business. 

Most customers are first time buyers and I was reading about the steps for mortgage loan for the first time buyers and came across two terms appraisal and down payment on this page. https://www.butlermortgage.ca/mortgages/purchase/f... What I make out from it is that down payment is when you can afford to pay less than 20% of the property value and appraisal is 20% and over. But, which one would be the ideal choice for the customer, in terms of an investment? And what is the ideal term for the mortgage, 25 yrs or 30 yrs? 

I hope the experts here will be able to sort out my doubts.

Thank you.