Mortgage Glossary

Convertable Mortgage

These are fixed rate mortgages for terms of 6 months or 1 year. Not all lending institutions offer convertible mortgages. With a convertible rate mortgage you can lock into a longer term during the current term of your mortgage without penalty - but only with the same lender. For example, if after a couple of months you hear that interest rates are going to increase, you may change to a longer term mortgage such as the 5 year term.

The letter should be on company letterhead and include:
• Your current gross or base income
• The date your employment started with that company
• Your current position or job title
• Your status - full-time (no extra info needed), contract, regular part-time, or casual.

If you are on contract, then the letter must also state:
• the details of your contract (a copy may be required).

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