 In some countries, there may be no special name for this type of loan or mortgage, as floating rate lending may be the norm.For example, in Canada substantially all mortgages are floating rate mortgages; borrowers may choose to "fix" the interest rate for any period between six months and ten years, although the actual term of the loan may be 25 years or more.Floating rate loans are sometimes referred to as bullet loans, although they are distinct concepts.