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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Conversion Option

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A clause within the lending agreement that allows the borrower to change from one type of loan to another, for example, from an adjustable rate mortgage to a fixed rate mortgage. It is likely that the borrower will have to pay a premium for this flexibility.

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