Have you heard of BLRs or Base Lending Rates? Variable Rate? Fixed Rate? These are terms oft used in mortgage facilities specifically referring to Mortgage Rates. For most, if not all borrowers, the mortgage rate ranks high on the reasons for the taking up of a mortgage facility from one bank as against another. How does one check and compare the rates then?

Well, one way is to obtain the rates from the financial institutions and compare them head on. For instance, if one bank is offering mortgage interest rate at 6% per annum whilst the other is offering at 6.05% per annum, it is quite obvious that the former is offering a better rate. However, for most borrowers, the mortgage rate quoted might not be an impressive as when a mortgage calculator is used to determine the actual amount of interest a borrower is expected to pay by the time the mortgage is fully redeemed. The actual dollars and cents will be quantified and you will be able to assess whether the quoted package is the best for your needs.


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