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What is a Convertible ARM?

adjustable rate mortgage arm convertible fixed rate mortgage
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What is a Convertible ARM?

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A. This is an ARM that will allow you to convert to a fixed rate at a certain specified time for a predetermined fee.

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Convertible ARM is the Adjustable-Rate Mortgage that has a provision allowing the borrower to convert the mortgage to a fixed rate term. The conversion feature is outlined in the mortgage note and has certain restrictions.

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An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.

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