The homeowners of Arizona are beginning to feel the pinch of pulling out too much cash from their home equity by taking advantage of the mortgage-refinancing boom. The rising interest rates are beginning to add dollars to the monthly payment on the mortgage.
However, the situation is not as grim as it seems to be. Jay Luber, vice president of First Horizon Mortgage in Phoenix opines, "It is OK for people to refinance and take money out to pay off other debt as long as they don't count on doing it over and over.
December 20, 2005
Mortgage refinancing in Arizona- the party is over
December 5, 2005
Mortgage refinancing slowdown time
The high interest rates are causing a drop in the popularity of home mortgage refinancing. Overall increase in concerns towards the state of economy, the ever-spiraling fuel costs and a fall in consumer confidence are some of the various factors causing the homeowners to develop cold feet. The fantastic run has lasted so long that the general perception is one of a cautious approach. The rise in interest rate has been fairly drastic. With further rise being anticipated, mortgage refinancing is fast losing its popularity.
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