Well we are well into 2012! How are those resolutions looking? Are we still eating better? Working out? Spending more time on the important things? I hope so!!! I have done pretty good (if it weren’t for those hot Krispy Kremes and Merv Burgers). Anyway…I hope you stick with those commitments you made to yourself.

This time around I want to walk us 3-2-1 Your Mortgage! 3 Things nationally that are happening in the industry that may affect your mortgage. 2 Things locally you may want to remember. 1 Thing that is happening on East Brainerd Road that could really change your mortgage experience.

3 Things Nationally:

1) The FHA is giving the ok to investors to get involved in the foreclosure crunch. Up until now they have been asked to sit on the side-lines and watch as foreclosures have flooded the market place. Now investors can do what they do best…invest. Buy homes-fix them up- and sell them. Get those homes moving again and help neighborhoods who have had homes sitting there with that depressing sign in the yard.  There are some details and restrictions still in place, but this is still pretty good news for a foreclosure market that is drowning.

2) Fannie Me and Freddie Mac have revised their policies on mortgage forebearance. Now servicers can grant a 6-month forbearance without having to get permission beforehand when a home owner can so that becoming unemployed has affected their ability to make their payments. It unemployment continues beyond that the servicer will need to ask Freddie or Fannie for an additional 6-months. Fannie Mae’s new policy will take affect March 1st and Freddies will start February 1st. There are still rules and considerations to make…but again this is something you should know. http://realestatemarbles.com/campga/2012/01/22/fannie-mae-and-freddie-mac-revise-policies-on-mortgage-forbearance/

3) I am sure you have heard…but rates are low. I mean low, low! Like the girl that broke up with you on Valentines Day in 7th grade in the cafeteria and then held hands with your best friend at the same table low. (Ok…maybe that analogy was a little personal…but she really hurt me). As of this writing the rate on a 30-year loan was 3.88%. Just in case you have forgot…depending on what month you bought a home, but in 2000 your rate would have been between 7.57% – 8.47%. So this may be a good time to buy a new home or at least look at refinancing the one your in now!

2 Things Locally:

1) Chattanooga has had it’s rough moments over the past few years; but we have also been blessed to be somewhat protected from the full force of the housing blow. With all the new companies coming in to the Scenic City we have seen a more stable job enivronment and more money come into our community than most. We have had more good news in our headlines than most cities/towns.

2) Chattanooga is a big city that operates more like a small town. Especially when it comes to how we do business. We like doing business with local folks. We like being able to shake hands-we like knowing that we could run into folks at the store-our kids go to the same schools and we like the accountability that comes with that. When it comes down to it…most banks and mortgage companies are dealing with the same rates and products…so what separates them. Service and service. Again…there is a big advantage of working with a mortgage company who knows THIS real estate market and THIS mortgage environment.

1Thing on East Brainerd Road:

1) 28-Day Closing Date Guarantee at Peoples Home Equity 6650 East Brainerd Road. This may sound like a marketing ploy and you may be right. But that doesn’t mean it isn’t really good for you. Here is how it works. After you have applied and the PHE professional has your info they will give you a closing date…28-days from that moment. If your loan isn’t closed by then…they will give you a $250 dollar gift card to the home improvement store of your choice. In 2011 PHE averaged just over 26 days…the national average was around 52. That means PHE customers got into new homes sooner or were saving money on their refi’s sooner. Something to keep in mind.

If you want to find out more give Peoples Home Equity a call 423-591-9801 or stop by 6650 East Brainerd Road. They take pride in being a great resource for local real estate agents as well…listen in every Monday at 7pm to WGOW Talk Radio 102.3fm to ‘The Buyes Market’ or you can check them out at www.chattmortgage.com. Be our friend on facebook too…Peoples Home Equity Chattanooga.