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  • Convertible Mortgage

  • ·         Convertible Mortgage

    One that can move from a variable to a fixed rate, or a shorter to a longer term, at any time without a penalty. If you take advantage of this option, then your interest rate will also change to the current rate offered by the lender for the new term. This would be a good option to consider if you want to stick with a variable rate for the moment, but expect rates to rise.