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What is a convertible mortgage?

convertible mortgage
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What is a convertible mortgage?

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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 additional fee usually applies.

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A convertible mortgage allows you to convert your adjustable rate mortgage to a fixed rate mortgage for a flat fee during a specific time frame. This fee can range from $250 – $500 per lender.

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