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Mortgages are products, and they contain different options, terms, and conditions. The type of mortgage product you choose will depend on your individual short- and long-term financial goals and plans. It is difficult to be aware of all the different types of mortgage products on the market (keep in mind that the banks and lenders are always trying to impress upon you why their mortgage products are the best). There is more to a mortgage product than just comparing the interest rate and the term. Let’s start with a general overview of the types of mortgage products that are available.