Mortgage Glossary
Conversion Option
A provision in some adjustable rate mortgages (ARMs) that allows you to change the ARM to a fixed rate mortgage. Also known as Conversion Clause.
Convertible ARM
An adjustable rate mortgage that can be converted to a fixed rate mortgage under specified conditions, usually by refinancing or exercising a conversion option.
Conveyance
The transfer of a property title from one person to another. There are many ways to do a conveyance — with the title agent or attorney, for example.
Co-op or Cooperative
A form of home ownership in which you purchase an interest in a property — usually a multi-family dwelling — with occupancy rights to a particular unit. You become a member of a co-op association, which is responsible for all aspects of the property's operation, including maintenance and repairs. These costs are covered by an association fee.
Corporate Relocation
An arrangement through which an employer moves an employee to another area of the country. Typically, as part of the relocation agreement, the employer pays a portion of moving and mortgage-related expenses. Many companies specialize in providing complete corporate relocation services.
