A provision in an ARM that allows you to change the mortgage to a fixed-rate loan, usually after the first adjustment period.
A provision in some ARMs that allows the ARM to be changed to a fixed-rate loan at some point during the term. The conversion is usually allowed at the end of the first adjustment period. eed of Trust/Mortgage A written legal document which transfers ownership of real estate property from one party to another.
An optional provision of an Adjustable Rate Mortgage allowing the rate to become fixed at a given point during the loan's term, usually at the end of the first adjustment period. This feature may require additional cost, depending on the lender.