This is an adjustable rate mortgage which allows the borrower to change the ARM to a fixed-rate mortgage at specified times. This is generally allowed within the first five years of the loan.
Under specified conditions, this is an adjustable-rate mortgage that can be converted to a fixed-rate mortgage.
A convertible ARM can be converted to a fixed-rate mortgage under specified conditions.
Loans that give you the opportunity to convert to a fixed-rate mortgage, usually between the 13th to 60th month of the loan.
An adjustable rate mortgage that gives the borrower the option of converting to a fixed interest rate at certain times during the first years of the loan term.
It is an ARM that can be converted into a fixed rate mortgage based on certain criteria or conditions.
An adjustable-rate mortgage that is convertible to a fixed rate at a future date, usually for a fee.
A type of loan that starts as an ARM, but can be converted to fixed rate at customer's request.
An ARM containing a clause allowing the rate to become fixed during the loan (e.g., one year, three years, or within five years of the loan)
An Adjustable Rate Mortgage that has the option to be changed to a Fixed Rate Mortgage under stated stipulations.
An adjustable-rate mortgage (ARM) that can be converted, under specified conditions, to a fixed-rate mortgage.
An ARM which can be converted to a fixed-rate loan after certain conditions have been met.
An adjustable-rate mortgage that may be converted to a fixed-rate mortgage under certain specified conditions.
An adjustable rate mortgage (ARM) that may be converted to a fixed rate loan under specified conditions.
An adjustable-rate mortgage (ARM) that allows the borrower to convert the loan to a fixed-rate mortgage under specified conditions.
An adjustable rate mortgage that can be converted into a fixed-rate mortgage under specific conditions.
Some variable loans come with options to convert them to a fixed rate loan based on a determined formula.
An adjustable-rate mortgage (ARM) that can be converted to a fixed-rate mortgage under specified conditions.
Adjustable-rate mortgage that includes an option for the mortgagor to change the mortgage to a fixed-rate mortgage in the early years of the mortgage term.
An adjustable rate mortgage that allows the borrower to convert to a fixed rate mortgage within some determined time period.
An option available on some adjustable rate mortgages (ARM's) that allows the loan to be converted to a fixed rate mortgage. Conversion usually involves paying a one-time fee and must be converted within a certain time-frame.
IAn adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.
A convertible ARM is an adjustable rate mortgage that gives the borrower the option to turn the mortgage into a Fixed Rate Mortgage during a specified time, usually for a small fee.
An adjustable rate mortgage that enables the borrower to change the ARM to a fixed-rate mortgage.
An adjustable-rate mortgage (ARM) that allows the borrower to change the mortgage to a fixed rate mortgage for a pre-determined amount of time.
an adjustable rate mortgage containing a clause that allows for the rate to become fixed during a certain period of time.
An Adjustable-Rate mortgage with a borrower's option to convert to a fixed-rate mortgage under specified conditions.
a type of adjustable rate mortgage that allows the borrower to change from an ARM to a fixed rate loan according to the terms of the note and security instrument.
A type of adjustable rate mortgage that includes an option for the mortgagor to change the mortgage to a fixed-rate mortgage at specified intervals during a predetermined time.
An Adjustable Rate Mortgage (ARM) that can be converted to a fixed-rate mortgage as specified in the convertibility clause.
A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
An adjustable rate mortgage (ARM) which can be transformed into a fixed-rate mortgage, given that certain conditions are met.
An adjustable rate mortgage loan which can be converted to a fixed rate mortgage under specified conditions.
An adjustable rate mortgage containing a clause allowing for the rate to become fixed during a certain item period (e.g. between months 13 and 60 of the loan term).
An adjustable rate mortgage (ARM) that can be switched to a fixed rate mortgage during a specific period. Some lenders offer convertible ARMs so that you can switch to a fixed rate mortgage in the event interest rates get low enough that you want to keep the lower rate for the life of the loan. The rules vary from lender to lender, but often you need to make the change between the first and fifth year of the loan. You should note that your initial interest rate will be higher than a normal ARM, and to convert, you will have to pay a fee that runs between $250 and $500. Each lender uses a different formula to calculate the converted fixed rate, which is also often higher than overall market rates.
An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified time guidelines.
A type of mortgage loan that allows the borrower to change an ARM ( Adjustable Rate Mortgage) to an FRM ( Fixed Rate Mortgage) under certain conditions.
A loan that begins as an Adjustable Rate Mortgage and includes options to be converted to a fixed rate mortgage at predetermined times.
A mortgage whose rate is adjustable. It allows the mortgage borrower to change from a variable rate to a fixed one in a set amount of time.
An adjustable rate mortgage (ARM) that allows a borrower to convert their mortgage to a fixed rate loan for the remainder of the loan term if certain conditions are met.
Some ARMs include a provision allowing conversion to a fixed-rate mortgage at specified times, typically during the first five years of the loan. Some lenders charge a premium for this option, find out the exact conversion terms and costs from your lender. This will help you decide whether this is a cost-effective option.
The convertible ARM is a combination of both fixed-rate and adjustable rate mortgages, allowing the best of both options in one package. back