In the weeks before the Obama administration announced its housing plan, some members of Congress were lobbying the government to subsidize 4% mortgages for homeowners who were current on their loans.

But that proposal never made it into the plan. Rather, the administration has decided so far to focus on helping distressed borrowers more easily refinance or modify loans, with terms typically reflecting today’s market rates, now in the low-mid 5% range for qualified borrowers. (Only loans owned or backed by Fannie Mae and Freddie Mac would qualify.)

While mortgage professionals have not lost hope that low-rate, government-subsidized mortgages could eventually happen, they are advising clients on the fence about refinancing not to wait. Interest rates remain near historic lows, but at the same time, lending standards have tightened and property values have fallen. If those trends continue, some borrowers may no longer be eligible to refinance.

The waiting game is particularly risky for homeowners in areas where property values are dropping sharply, and for those with barely above 20 percent equity in a home — the typical minimum for qualifying for any home loan.

If the borrower has already secured a mortgage commitment during that time, most lenders are likely to proceed with the transaction even if a property’s value has dropped. If a rate is locked and the loan was approved, most lenders will usually honor the original agreement.

These days, home loans are taking longer to review. Lenders are scrutinizing applications more closely, and because of industrywide layoffs, many banks now have fewer loan processors to help vet applicants. However, our underwriters and back-office staff can complete many loans in 12 days or less from the time that initial contact is made with a borrower.

Consumers who go directly to a major lender do not always have the experience described above. Borrowers who go to a bank’s retail branch can sometimes wait 90 days for a loan to close, because the lenders are so backed up. We know which banks are slow or fast, so we can place loans with the banks with the best rates and the best service levels.