How can we tell who is telling us the truth about the current state of the Connecticut mortgage industry and housing market? Every day we hear conflicting reports from the news and media that tells us that the sky is falling but at the same time we hear now is the best time to lock in a fixed low interest rate. How is that possible?

The truth of the matter is that Connecticut mortgage lenders are offering lower rates than previously offered, but the guidelines to qualifying are extremely strict and unforgiving. There was a time when you could qualify for a Connecticut mortgage with average credit scores and good payment history. It seems that those Connecticut mortgage programs are no longer available to help the average person lower their monthly mortgage payment. Now homeowners or buyers must have the perfect situation with tons of money in the bank. Who do you know that fits that scenario?

If the banking industry wanted to truly help the housing market out they would simply require that everyone verify their income and eliminate the adjustable rate mortgage when purchasing or refinancing a home. That would insure that homeowners can truly afford their payment. The biggest problems surface when a homeowner was approved for a Connecticut mortgage, but was never truly able to afford the payment. CT mortgage banks would not have to eliminate the programs that really helped homeowners because that would only make the problem worse.

At the end of the day the problem will only get worse if lenders will not approve the people that need help the most. Homeowners who may have a blemish or two on their credit should still be able to qualify for a low rate mortgage in order to get monthly savings. That is the best option to help out the mortgage industry.

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