Convertible Mortgage

A convertible mortgage may vary considerably from bank to bank.  You can for example,  obtain a variable open short term mortgage  or a  closed longer term variable mortgage that converts into a 3 or 5 year  fixed term.  It is very important to be informed about the specifics of each convertible product to understand the implications…  In general, the product is closed, with a start up rate based on preferential rates with add on or discount depending on the market, and will be convertible to a longer termed fixed rate.