In the mortgage industry, we define a mortgage product as the length of the term and the features associated with that term. The most basic, popular, and familiar term and features would be a 30-year fixed rate. When the mortgage industry talks about TYPES of mortgages, it refers to FHA, VA, USDA, and conventional loan programs. Within each of these types of programs, one will generally find various loan products. Today, and as far back as one can remember, the 30-year fixed-rate, level-payment, fully amortizing mortgage loan has been the predominant choice for borrowers. There are many other types of loans. Lenders aim to meet a perceived market need by varying how the interest rate is determined or how the monthly payment determines borrowers’ choice. However, for most people, the predictable, comforting reassuring nature of the 30-year fixed-rate loan suits many homeowners.