Finance
A Florida borrower has a 'convertible ARM' mortgage. This feature allows the borrower to:
AConvert the mortgage to a lease
BConvert the adjustable rate to a fixed rate at specified intervals✓ Correct
CSell the mortgage to another borrower
DConvert the residential mortgage to commercial
Explanation
A convertible ARM gives the borrower the option to convert from an adjustable to a fixed interest rate at specified intervals (usually during the early years), typically for a small conversion fee. This provides flexibility if rates rise.
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