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 ?
The Convertible Arm can be attached securely to a desk or wall, without tools, using the hardware supplied with the unit.
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.
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.
When a convertible ARM is written, this could result in the lender having two contact points with the borrower (when the loan is made and when the CARM is converted to a FRM).
In seconds, users can secure convertible arms in a fixed position, or set the arms to move in tandem with the pedal motion.
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.