Re-refinancing, and Putting Off Mortgage Pain
By VIKAS BAJAJ and RON NIXON
Published: July 23, 2006
"Some people would say I am a little crazy,"
acknowledged R. Lance Perry, 42, of Danville,
Calif., one of the new breed of people
refinancing their mortgages. But faced with a
sharp increase in his monthly payments and a need
to take cash out of his home, he refinanced
earlier this year to keep his payments the same.
income will have increased enough to cover the
higher payments, he will have refinanced again or he will have moved.
cresting as more than $400 billion worth of
adjustable-rate mortgages, or about 5 percent of
all outstanding mortgage debt, will readjust this
year for the first time, according to Loan
Performance, a research firm. Next year, another
$1 trillion in loans will readjust.
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