with adjustable-rate short term mortgages - some of which require interest-only payments - are starting to see their monthly payments rise as low introductory rates expire and market rates kick in.

"I just cringe every time I get that bill," said Mindi Davis, 35, who took out an adjustable-rate second mortgage two years ago for the home she shares with her husband and two children here. The bill, which was $100 a month in May 2004, is now $219 a month and climbing.

Brian Wrage, who lives in Tampa, said he had begun to unload his investment properties in part because of the adjustable-rate mortgages attached to them. "My second mortgage on one property started at 5.7 and by the time we sold it three years later it was 9.9," Wrage said. "It was eye-opening: adjustable rate means up."

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