convertible mortgage
- A type of loan with a flexible interest rate that can be changed to a fixed interest rate at certain times during the loan period
- With a convertible mortgage, she secured her first house but was able to lock in a lower fixed rate later.
- The bank offered a range of options, including convertible mortgages, to cater to different customer needs.
- Despite the higher initial interest rates, the convertible mortgage option appealed to him as he expected rates to fall in the future.
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