CT Residents finding it harder to refinance

March 6, 2009
Matt Isleib

 

Interest rates for mortgages are now lower than they were in 2003. The problem this time around for Connecticut residents is their homes value. Home prices in the State of Connecticut have continued to slide. The figures that were just released were 1 in 5 homeowners nationally are under water in their home. What that means is they owe more than what their home is presently worth. This poses a huge road block for CT residents looking to take advantage of a low interest rate environment.

 

In a recent study 8.3 million properties had negative equity nationally at the end of 2008. That figure was up from 7.63 million at the end of September. Connecticut recently saw a 25% increase of homes with negative equity making it increasingly harder for some Connecticut residents to refinance. I am seeing this first hand as an owner of Eversley Capital Mortgage LLC in Norwalk, CT. I have clients on a regular basis contact the company in the hopes of refinancing. It is difficult to inform borrowers that even though their credit scores are perfect and their income is a non-issue that they have no options. They owe more than their home is presently worth.

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