convertible ARM

convertible ARM

An adjustable-rate mortgage loan that the borrower may convert to a fixed-interest rate during a predetermined time period, at an interest rate calculated according to a formula set out in the note.

References in periodicals archive ?
A convertible ARM allows the lender to convert from an adjustable rate loan (ARM) to a fixed-rate mortgage (FRM) within a specified conversion window.
The results reveal some interesting characteristics of the convertible ARM.
The loans for the Graduate's Pointe Apartments and the University Park Apartments were originated by ARCS' Princeton office through Fannie Mae's Convertible ARM loan product which provides the low rates that make adjustables so attractive, with an option to convert to fixed.
The three-year convertible ARM loan interest rate caps at two percentage points annually and six percentage points over the initial rate for the life of the loan.
The Convertible Arm can be attached securely to a desk or wall, without tools, using the hardware supplied with the unit.
B)Adjusted for November Actuals and Convertible ARMS.
37 models, which each allow exercisers the choice of securing the convertible arms in place and out of the way for a lower-body workout, or to connect the arms for a total-body motion.
In seconds, users can secure convertible arms in a fixed position, or set the arms to move in tandem with the pedal motion.