Sentences with phrase «conversion of an adjustable rate mortgage»

The refinance results in a lowering of the borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed - rate mortgage.

According to the federal guidelines, a streamline refinance has to result in one of the following: a reduction of your monthly payment or the conversion of an adjustable rate mortgage to a fixed - rate loan.

Not exact matches

The program's main requirement is that the refinance homeowner gets access to a lower monthly payment or some other «tangible» benefit such as a conversion from an adjustable - rate mortgage to a fixed - rate one; or a shortening of a loan's length from say, 30 years to 15 years.