The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: patron_anejo_por_favor who started this subject	7/22/2003 10:06:01 AM
From: Les H	Read Replies (3) of 306849

Payment shock on 15-year mortgages chicagotribune.com In the mortgage world, it's known as payment shock. It's the reality that hits when homeowners refinance 30-year mortgages down to 15 years--and watch their monthly payment balloon. "It's one thing to see the increased payment on paper. It's another to actually have to pay it," said Michael Menatian, president of Sanborn Corp. in West Hartford, Conn., a mortgage brokerage company. And it has been happening more frequently in the past two years, as record numbers of homeowners refinance mortgages to shave time and take advantage of rates that have hit 45-year lows. Mortgage brokers said that some of their clients who refinance down to a 15-year loan refinance again, within a year, to a 30-year mortgage.

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