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of part of the principal will reduce the total cost of the loan (total interest paid), and will shorten the amount 1st 2nd co mortgage time needed to pay off the loan. Early payoff of the entire loan amount (refinancing) is often done when interest rates drop significantly. Adjustable rate mortgages are sometimes sold to unsophisticated consumers who are unlikely to be able to repay the loan should interest rates rise, which they often do. In the United States, extreme cases are 1st 2nd co mortgage by the Consumer Federation of America as predatory loans. Protections against interest rate rises include (a) 1st 2nd co mortgage possible initial period with a fixed rate (which gives the borrower a chance to increase his/her annual earnings before payments rise); (b) a maximum (cap) that interest rates can rise