Definitions for "Convertible ARM"
Keywords:  fixed, adjustable, arm, clause, frm
An adjustable rate mortgage that can be converted to a fixed-rate mortgage under certain circumstances.
An adjustable rate mortgage that offers the borrower the option to convert payments to a fixed-rate schedule at a specified period within the term of the loan. Conversion is made for a nominal fee, and the interest rate on the fixed-rate loan is determined by a rule specified in the ARM loan agreement.
A mortgage that begins as and adjustable, that allows the borrower to convert the loan to a fixed rate within a specific timeframe.
Keywords:  permanent, loan
Permanent Loan