Homeowners can refinance their mortgages to cash in before their on-paper profits go 'poof' - 2005-04-04
Many 21st-century homeowners are thinking they have hit the real estate jackpot. Especially on the East and West coasts, they have seen home values double, or even triple, during the past five years.

There's no perfect solution. Empty nesters can cash out and downsize -- and tuck their profits someplace safe -- but they may run into tax snags. Risk-takers can take a mortgage refinance to cash out profits and invest them in the stock market or more real estate.
Read the full story at Orlando Sentinel

Time To UnARM Yourself, Go Ahead With Mortgage Refinance? - 2005-04-04
During the robust years, it seemed like a winning way to play the housing game. Take out a mortgage with a small down payment and a low adjustable rate. Buy as much house as you could afford, or maybe even a bit more. Then watch as rising housing prices turned a small investment into a huge gain.

One way to lower your risks and avoid this problem is to refinance into a fixed-rate mortgage loan now, still at a relatively low 6.15%. Whether this move makes sense depends primarily on how long you plan to live in your home and how far interest rates are likely to rise from here.
Read the full story at BusinessWeek