GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Conversion Clause


Synonyms:adjustment clause, convertible, fine print, instructions, legal contract, provision
Filed Under: legal-contracts, mortgages
Tags: clause, contract, legal, mortgage
 

Definition of conversion clause

conversion clause
1. A provision that may be present in an adjustable-rate loan agreement which allows the loan to be changed to a fixed-interest rate loan, usually for an additional charge.

Related Terms and Acronyms:

  • acceleration clause   A provision within a document that explains how the lender expects payment for a loan, in due haste.
  • convertible mortgage   A mortgage where the borrower has the option at specified times to change the term length.

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