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.
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