A mortgage is a loan used to secure property. Typically, on a residential mortgage the loan originator will ask for 3-20% down and will finance the rest. Their upside in this deal is collecting origination fees, the interest rate you will pay each month until the loan ends, and potentially a fee earned from selling the loan on the secondary mortgage market.
How can I get a mortage?
Speak with atleast 3 lenders and compare their loan offers. Interest rates are currently on the rise, so ask the lender with the best rate to lock in your rate ASAP. I recommend using fixed rates as variable rates can get you into tight financial situations, whereas you will always know what you will owe on fixed rate loans. You will need a decent credit score and atleast two years of income to qualify for a loan.
Are their any benefits to being a first time home buyer?
Yes, you can use an FHA loan and there may be tax credits available for you (speak to your lender about this). About the FHA loan, note that you do not need to be a first time home buyer to use FHA, you just can only have one active FHA loan at a time.