Article updated: 7/11/2012 1:04 PM

Mortgage rates at historic lows, but it's harder to refinance

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Valeria Coric reviews mortgage paperwork at her home in Lincolnshire. She and her husband locked in a lower rate when they refinanced to save money each month.

George LeClaire | Staff Photographer

Valeria Coric reviews mortgage paperwork at her home in Lincolnshire. She and her husband locked in a lower rate when they refinanced to save month each month.

George LeClaire | Staff Photographer

Gallery Image

Valeria Coric poses with her daughter Isidora, 15, at their home in Lincolnshire.

George LeClaire | Staff Photographer

The Coric family living room at their home in Lincolnshire.

George LeClaire | Staff Photographer

Valeria Coric reviewing mortgage paperwork at her home in Lincolnshire.

George LeClaire | Staff Photographer

The Coric family living room at their home in Lincolnshire.

George LeClaire | Staff Photographer

Valeria Coric reviews mortgage paperwork at her home in Lincolnshire. She and her husband locked in a lower rate when they refinanced to save month each month.

George LeClaire | Staff Photographer

The Coric family's backyard at their home in Lincolnshire.

George LeClaire | Staff Photographer

The Coric family kitchen at their home in Lincolnshire.

George LeClaire | Staff Photographer

Scott and Pat Waldau refinanced their Gilberts home and are paying hundreds less on their monthly mortgage. Chalk artwork by their children decorates the driveway.

John Starks | Staff Photographer

Fifth Third Bank area sales manager Evan Klee, left, and mortgage loan officer Russ Gelberg look over lists of local Realtors at their Highland Park bank.

Paul Valade | Staff Photographer

Evan Klee is the area sales manager in the mortgage department at Fifth Third Bank in Highland Park.

Paul Valade | Staff Photographer

Evan Geiselhart, president at HomeTrust Mortage Corp. Evan Geiselhart, right, with Vice President David Geiselhart look over mortgage papers in their office in Schaumburg as more people apply for mortgages.

Mark Welsh | Staff Photographer

Evan Geiselhart, president at HomeTrust Mortage Corp. Evan Geiselhart, right, with Vice President David Geiselhart look over mortgage papers in their office in Schaumburg as more people apply for mortgages.

Mark Welsh | Staff Photographer

Evan Geiselhart, president at HomeTrust Mortage Corporation (left) in Schaumburg along with David Geiselhart, vice-president look over mortgage papers in their office as more people apply for mortgages.

Mark Welsh | Staff Photographer

Valeria Coric poses with her daughter Isidora, 15, at their home in Lincolnshire.

George LeClaire | Staff Photographer

About this Article

Valeria and Milos Coric bought a home in Lincolnshire in 2002 and paid the monthly mortgage regularly. That devotion helped to build equity for them and stability for their two children. So when mortgage rates dropped to historic lows, they were eager to refinance, despite seeing the value of their home drop. But others can't take advantage of the low rates. A job loss, poor credit score or reduced home value have made it difficult or impossible to qualify for a new home loan.