Robert McLister·General·May 15, 2009Convertible Mortgages Mortgages with a convertible rate feature allow borrowers to move into a fixed rate at any time with no penalty. There are also a few 1-year fixed mortgages that can be converted to either a fixed or a variable rate. When converting, you generally need to choose a new term that is at least as long as the term you have remaining. Variable-rate and short-term fixed-rate mortgages are commonly offered with a convertible feature. In the case of variables, you can only convert into a fixed rate. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.