conversion clause
An optional provision in adjustable rate mortgages (ARMs) that allows a borrower to switch to a fixed-rate loan, typically after the first adjustment period. The fixed rate is set to current rates and charges may be incurred for this flexibility.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
conversion
Noun: conversion, transition, changeover (an event that results in a transformation)
Noun: conversion ((/) )
Noun: conversion (a successful free throw or try for point after a touchdown)
Noun: conversion, rebirth, spiritual rebirth (a spiritual enlightenment causing a person to lead a new life)
Noun: conversion ((psychiatry) a defense mechanism represses emotional conflicts which are then converted into physical symptoms that have no organic basis)
Noun: conversion (a change of religion) "his conversion to the Catholic faith"
Noun: conversion (interchange of subject and predicate of a proposition)
Noun: conversion (act of exchanging one type of money or security for another)
Noun: conversion (the act of changing from one use or function or purpose to another)
clause
Noun: clause ((grammar) an expression including a subject and predicate but not constituting a complete sentence)
Noun: article, clause (a separate section of a legal document (as a statute or contract or will))
- conversion clause -
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