mortgage

What is a convertible ARM?

 

What is a convertible ARM?

The Bankrate.com financial term of the day is: "Convertible ARM."

A convertible car can be pretty sweet, and the same is true of a convertible ARM. It's an adjustable-rate mortgage, or ARM comes with a way to lock in the interest rate, so you don't have to worry about the loan adjusting and pushing your rate higher.

Take a ride on a convertible ARM, and you might turn your unpredictable, movable interest rate into a fixed rate.

To shop for a great mortgage rate, visit the Mortgages section at Bankrate.com.

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