This permits change, or "conversion" of an ARM to a fixed-rate mortgage at some predetermined time in the future, usually at certain designated times during the initial years of the mortgage If you want to convert from an ARM to a fixed-rate loan, the lender may charge you a fee that is a percentage of the remaining balance of your loan
A provision that allows one type of policy to be exchanged for another without the policyholder providing medical proof of insurability
Ability to change a loan from an adjustable rate schedule to a fixed-rate schedule
An attribute of a currency which enables its holders to freely exchange it into another currency, or into gold Under the pressure of certain international monetary crises, nations might resort to suspending the convertibility of their currencies in order to ensure that holders of their currency will spend it in the country which issued it
Facility for converting national currency, without restriction, into foreign currency (the opposite term is exchange control) The Deutschmark became fully convertible on 1 July 1958 Currencies which are freely-convertible anywhere, are described as 'hard' currencies
The condition or quality of being convertible; capability of being exchanged; convertibleness
The ability to change a loan from an adjustable rate schedule to a fixed rate schedule
the quality of being exchangeable (especially the ability to convert a currency into gold or other currencies without restriction)
A feature sometimes found I adjustable rate mortgages It allows you to change ("convert") your loan type from an ARM to a fixed rate mortgage Usually you can only change your mortgage type a certain designated times during the early years of your ARM You may be required to pay a fee at the time you want to change your loan type (See Adjustable Rate Mortgage, Fixed-Rate Mortgage)