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Mortgage loan is said to be a loan which is available by real estate through the utilization of mortgage. A builder or a buyer can get a loan either by securing or purchasing the property from any financial institution like bank either indirectly or directly. Rate of interest, mode of payment, maturity of the loan, amount of the loan etc are some of the main features of mortgage loan. There are generally three types of mortgage loans which are available for an individual to buy and they are fixed rate mortgage loan, VA loan and FHA loan. Fixed rate mortgage loans allow an individual to repay his debts in equal monthly mortgage payments over a specific period of time from ten years to fifty years. Among the most common is the thirty years amortization period. Banks and private mortgage agencies make a special type of loan to veterans of the Armed Services in the United States. A portion of every loan is ensured by the veteran’s administration or the VA and guards the lenders investment in case the borrower defaults. A FHA loan allows an individual to purchase a house with lower down payment and also flexible guidelines. With no credit record or no income limits several people who can afford monthly mortgage payments and possess a reasonable credit can qualify for an FHA mortgage loan.