From The New York Times: refinancing your ARM with another one, and cashing out on your equity. Or both. It's all about the short term, these days. Just like no one wants a thirty year job, no one wants a thirty year mortgage either. One homeowner interviewed has refinanced three times to keep his monthly costs down and take out cash for his business.
· Refinancing, and Putting Off Mortgage Pain
· Cashing in on Home Equity [NYTimes]