If you re-extend from 15 years back out to 30 years, that might reduce your monthly payment by 30 percent, ... If there isn't a likelihood that you'll pay off your mortgage, the re-extension of the term of your loan could measurably improve your cash flow.

Keith Gumbinger

Extend Monthly Payment Reduce

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You could go to almost any lender and for no fees find yourself with a decent rate.

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Does that mean (consumers will) stop borrowing because it costs them another $5 a month? Probably not. It may influence decisions. I don't think it halts decisions.

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It doesn't sound like either of them got a particularly good deal.

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This would free up cash now, while still minimizing their exposure to rising rates during the period they expect to remain in the house.

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Most borrowers have some financial cushion so the impact won't be immediate; spending an extra $380 is manageable at first. But it's safe to say there are some who will find themselves in budgetary difficulties a year or two down the road.

— Keith Gumbinger

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