With this 5 year mortgage option you can lock in your interest rate by converting to a Fixed Rate Mortgage at any time, as long as the new term is at least the lesser of 3 years or the remaining term. With a Closed Variable Interest Rate Mortgage, when mortgage interest rates change, your payment amount still remains the same. However, the amount that is applied towards interest and principal will change. If mortgage interest rates drop, more of your payment is applied to the principal. If mortgage interest rates rise, more of your payment will go towards the interest accruing on your mortgage.
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A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check or any documentation, and is therefore not a firm guarantee of a loan.
Unlike a pre-qualification, a pre-approval is pretty much the same thing as applying for a mortgage, just without a specific home attached to it. As part of a pre-approval, a lender will check your credit, verify your income and employment, and commit to lending a certain amount of money. A pre-approval can show sellers that you're serious about buying a home, and that you're likely to be able to follow through on a bid, and close on their property.
The term "closing costs" refer to all of the charges you'll need to pay before your loan is completed. This can include origination fees, title insurance, prepaid escrows, and more. These costs vary, but generally, expect to pay around 2% to 3% of the home's price in closing costs.