convertible ARM
This is an ARM (Adjustable Rate Mortgage) loan with the option to convert into a fixed rate loan, with an expiration date for the conversion option.
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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.
convertible
Noun: convertible (a car that has top that can be folded or removed)
Noun: convertible, convertible security (a corporate security (usually bonds or preferred stock) that can be exchanged for another form of security (usually common stock))
Noun: convertible, sofa bed (a sofa that can be converted into a bed)
Adjective: convertible, exchangeable (capable of being exchanged for or replaced by something of equal value) "convertible securities"
Adjective: convertible (designed to be changed from one use or form to another) "a convertible sofa"; "a convertible coupe"
Adjective: convertible, transformable, translatable, transmutable (capable of being changed in substance as if by alchemy) "is lead really transmutable into gold?"; "ideas translatable into reality"
- convertible ARM -
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