Conversion option
Conversion option
A conversion option is a feature of an adjustable-rate mortgage. It allows the borrower to convert the mortgage into a fixed-rate loan under certain conditions. Not all adjustable-rate mortgages have this feature, and those that do would carry a higher interest rate. The loan documentation would specify when and how the borrower could execute the conversion.
Get Mortgage Rates
National Rates
| Loan Type | Today |
|---|---|
| 30 yr fixed | 4.83 |
| 15 yr fixed |
4.41 |
| 5/1 ARM | 3.69 |
Rates may contain points
