A traditional mortgage process is a simple contract between the mortgage provider (mortgager) and the mortgage holder (mortgagee). Contract, in general, is initiated upon closing of the real estate sale, and the payments are scheduled monthly; with the first payment is due at the first day of the first month after the closing date. The most common traditional mortgage in the US is a 30-year fixed rate loan. Others are 20, 15, or 10 year fixed-rate ones or flexible rate loans with several different maturities.