An Adjustable Rate Mortgage that has the option to convert to a fixed rate during a given time frame.
Certain loans are able to be converted to a fixed loan provided it follows a set formula.
An ARM loan with the option of conversion to a fixed loan during a given time period
an adjustable-rate mortgage that may be converted to a fixed-rate mortgage, subject to certain conditions specified in the mortgage note.
A type of ARM loan with the option to convert to a fixed-rate loan during a given time period.
Some variable loans come with options to convert them to a fixed loan based on a pre-determined formula, during a given time period. For example the 1 yr tbill adjustable may be converted to a fixed during the first five years on the adjustment date. The means that you could convert during the 13th, 25th, 37th, 49th and 61th months of the loan.