Types of mortgage loan packages are:i) Fixed Rate Package where interest rate(s) are fixed within the contractual period(s) as agreed by the bank and borrower(s).Floating interest rates will kick in after the fixed rate period ends. ii) Compounded SORA - pegged Variable Rate Package(sometimes known as Floating rates) where the mortgage pricing is more transparent and the effective interest rate is derived from Compounded Singapore Overnight Rate Average(Compounded SORA) plus a spread rate(as defined in the mortgage contract). iii) Board Rate Variable Package where the mortgage pricing is based on the board rate as determined by the bank and the effective interest rate is derived from board rate with a discount rate(as defined in the mortgage contract). iv) Fixed Deposit Variable Package where the mortgage pricing is based on the average fixed deposit rate as determined by the bank plus a spread rate(as defined in the mortgage contract).