When the politicians and regulators are heavily involved in an industry, it is rarely good news. Political pressures might easily disrupt the flow of normal business and lead to popular decisions instead of right decisions. Regulators are the other major factor that might make getting mortgage harder. While homeowners waiting for exceptional rates they might lose the chance of refinancing with current low rates.
The political pressures to freeze foreclosures are taking effect already in many states with moratorium and nationwide freeze is easily called by politicians. The implications of it could be detrimental for house prices. It would stop the disposal of foreclosed houses thereby creating much larger foreclosed property stock in the future. That in turn would weigh heavily on house prices and make refinancing little bit harder due to lower equity.
Regulators seem to wake up a bit late in the day and want to just produce some work before the day is over regardless of the quality and impact of the work. Tougher income qualification requirements, interest rate tests and suspending some of the mortgage products are some of the proposals in the pipeline. All of those regulations will make many more people ineligible for Mortgage refinancing.
There are expert predictions that mortgage rates might go down little bit more. However, homeowners will be taking a risk of waiting for the rates that might never come while qualifying for a mortgage is getting harder everyday. What is the use of lower mortgage refinance rates if you can not get a mortgage because your home’s value has gone down or regulations has made it impossible for you to obtain a home loan. In conclusion, it might be time to consider refinancing home loans when your are still eligible and start saving. Things are not likely to get better soon, so have one less worry in your mind.
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