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Home convertible rate mortgage loan

When you get a convertible rate mortgage loan, you can convert/change from having an adjustable mortgage loan rate to having a fixed rate any time you want.

Convertible rate mortgages are really beneficial! Whenever you think the market rate is reasonable during your home mortgage loan term, you can lock into a fixed rate for a longer term. And that can be relieving.

With this mortgage, you can use this option of locking into a fixed rate for a long term and lower your cost of owning a home or multi-residential real estate. Locking into a fixed rate for a long term can make your home mortgage loan payments equal to or lower than your current rent payments. Also, when you use this option you can increase your profit from renting out a home or multi-residential real estate. All because you chose a convertible rate mortgage loan.

Choose this mortgage type for debt consolidation. When you use it's option of fixing your rate for a long term, you can make your home mortgage loan payments far lower than your current credit card or loan payments.

Get equity take out using a convertible rate mortgage. You can lock into a fixed rate for a long term and lower your cost of getting cash out of your home real estate.

Want a line of credit using a convertible rate mortgage loan? Locking into a fixed rate for a longer term can lower your cost of having a line of credit. And make your cost lower than for bank lines of credit.

Apply for this mortgage now! Fill out the home mortgage application.

Learn about the payments, amortization, terms and down payments for home convertible rate mortgage loans

Payments for convertible rate mortgages

You can pay off convertible rate mortgage loans with the following payments - whether you use an institutional or private lender:

• Interest only payments
• Straight-line principal reduction payments
• Constant payments (most common)

Terms for convertible rate mortgages

These are the term lengths you can get for this type of mortgage loan for if you use an institutional lender:

• Short terms (usually 6 months to 1 year)

These are the term lengths you can get for this type of mortgage loan for if you use a private lender:

• Short terms (6 months to 5 years)
• Long terms (6 years to 18 years)

Amortization for convertible rate mortgages

Whether you use an institutional lender or a private one, you can get amortizations from five years to twenty-five years for convertible rate mortgage loans.

Down payments for convertible rate mortgages

Are you using an institutional lender? Then you can make these down payments on this mortgage loan type:

• Down payments 5%-25% of your real estate's value
• Down payments 25%-75% of your real estate's value

Are you using a private lender? Then you can make these down payments on this mortgage loan type:

• Down payments 5%-25% of your real estate's value
• Down payments 25%-75% of your real estate's value
• No down payment (0% down)

Want some mortgage loan terms' definitions? Peek at the mortgage glossary.

If you would like to learn more about convertible rate mortgage loans, simply contact The Mortgage Store Online's brokers by using the contact form or by calling them at 1-866-880-2577.

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