A Convertible ARM is an Adjustable Rate Mortgage (ARM) that gives the borrower the ability to change the payment schedule to a fixed-rate at specific points during the loan term, commonly for a nominal fee, with an interest rate determined by the original loan agreement.
A provision in a mortgage that allows some of the property pledged to be freed from serving as collateral.
A prepayment clause permits a borrower to pay off a loan before its maturity date, sometimes incurring a penalty for the privilege of early payment.
Termination in real estate entails the conclusion of contractual obligations such as leases, loans, or options either by performance or by breach.
