It would be in your best interest to refinance your home loan right now, making good use of the low interest rates. You would not want to be making high installment payments during an economic slowdown. It is just not sensible to do so.
Being alert to the terms and conditions of your existing home loan can prevent nasty consequences to you in the future when you refinance.
Your home loan may be the largest ticket item of your life. It is therefore logical and sensible to pay the most attention to it.
The good thing about working with a mortgage consultant, is that you get to shop for your home loan at a comfortable pace with him or her advising and guiding you along the way. Some more, you know you are going to end up with the best product in the end.
Think positively! Pull your finance together as soon as possible during the economic slowdown. Don't wait for things to happen to you. Shave off some extra expenses, refinance that home loan, restructure some of your debts...
Ten out of ten banks will underwrite their home loan in the same way, to protect themselves, but does that mean as a consumer, you can do nothing about it?