Converted Mortgage

A Converted Mortgage is a conventional, fully amortizing, level payment, fixed-rate Mortgage, originated as a Convertible ARM, that had an adjustable interest rate until the Borrower exercised the option to convert to a fixed interest rate. See also Freddie MacOwned Converted Mortgage and Seller-Owned Converted Mortgage. Convertible ARMs are not eligible for sale to Freddie Mac. Convertible ARM adjustable interest rate to a fixed interest rate pursuant to a Conversion Formula. Convertible ARMs are not eligible for sale to