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What is a convertible mortgage?

April 26, 2017convertible mortgage

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What is a convertible mortgage?

7 Answers

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This is a mortgage that allows a borrower to convert from an adjustable rate to a fixed rate during specified time periods. An extra fee usually applies.

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Convertible Mortgages allow you to convert the mortgage to current interest rates on certain loans that have a conversion option such as Adjustable Rate and Balloon mortgages. If the mortgage offers a conversion, it will normally convert at a pre-determined time to the current interest rates plus a percentage added to the loan for profit.

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This is a mortgage that allows a borrower to convert from an Adjustable Rate Mortgage to a Fixed Rate Mortgage during specified time periods. A conversion fee usually applies.

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This is a mortgage that allows a borrower to convert from an Adjustable Rate Mortgage to a Fixed Rate Mortgage during specified time periods. A conversion fee usually applies.

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A convertible mortgage allows a borrower to convert from an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage (FRM) during specified time periods. A conversion fee and certain conditions usually apply. Not all ARMs are convertible. State Farm Bank does not offer convertible ARM mortgages.