By: Melinda Hudgins, Business Writer

Posted: Sunday February 8, 2009 in The Daily News Journal

Broker earns designation in Mid-Tenn.

As the economy began its downward spiral, the number of property foreclosures steadily increased. However, homeowners in financial distress have other options, and now they have help, too.

Joe Hafner, managing broker of John Jones Real Estate recently earned the designation of Certified Distressed Property Expert - the first in Middle Tennessee to do so - which allows him to educate and assist individuals who've found themselves facing foreclosure.

"This training has put our entire team in a position to help people who are experiencing hardships that put their home at risk," said company owner John Jones. "We can now offer our clients facing financial stress access to the tools, resources and expertise that can help them avoid foreclosure and save their credit."

Hafner has dealt with foreclosure since the beginning of his real estate career in the mid-1990s, but added that the training further educated him on the subject.

"We sit down with people, help them understand just what they are up against, and usually show them they do have options other than foreclosure," Hafner explained.

While there are several alternatives to foreclosure, Hafner said that nearly everyone qualifies for either a short sale, assuming they haven't waited too long to begin the process, or a loan modification.

A short sale is possible once the bank allows the sale of a home at a discounted price.

"The banks look at it like a kind of risk management," Hafner said, adding that the process is made easier when a buyer is on hand.

And because a short sale appears like an ordinary real estate transaction from the outside, there isn't the added embarrassment on the homeowner's part as there would be with a foreclosure.

"Keeping their dignity is the biggest thing we can do for these people," Jones added.

Additionally, the homeowners credit rating is saved, whereas a foreclosure can affect credit scores by 200 to 300 points for seven to 10 years and must be listed in every future home loan application.

It can also negatively impact employment, especially when security clearance is needed.

On the other hand, a short sale generally only affects between 50 and 150 points for roughly two years because of defaulted payments.

"Some people get scared and panic, and that rush decision impacts them for the next decade," Hafner said.

Jones added, "I feel like we're saving them years of their lives."

One Smyrna woman couldn't be more grateful to Hafner and Jones for their assistance in helping her avoid foreclosure.

"I had already gotten a few months behind on my mortgage," Tina Pritchard recalled, "so I contacted Joe. He introduced me to the short sale and explained what I needed to do to get things started."

"Joe worked all the way through and stuck with me until we could get everything done," Pritchard said. "I walked away with everything paid and my credit good."

Although she is renting now, Pritchard said one day she plans to own a home again.

"And Joe will probably be the one to put us in our new home," she said.

The John Jones Real Estate company has set up a website at www.TheHomeSaverGuys.com and a no-obligation toll'free foreclosure hotline 800-239-2513 ext. 2047 where homeowners can learn more about the foreclosure process, the horrible impact it has on credit and how to escape the foreclosure nightmare.

For some time now, the media has been bombarding us with stories of mortgage 'crisis', rampant foreclosures, and sub-prime banking woes.  The Nashville Business Journal featured a front page article (http://nashville.bizjournals.com/nashville/stories/2007/10/08/story11.html) about short sales and how they can be a solution for people facing foreclosure.

Unfortunately, many people have gotten in over their heads on their mortgages, and foreclosures have spiked to an all-time high across the country.  Here in Rutherford County, our real estate market has seen more than its share of mortgage defaults. 

So, if you're behind on your mortgage, what should you do?  First off, the worst thing you can do is nothing.  This is one problem where ignoring it only makes it much worse.  The best thing you can do is to arm yourself with as much information about the foreclosure process as possible.  Get with an attorney or Realtor who is knowledgeable in this area.  On the Jones Team, Joe Hafner (Learn more about him here: http://www.johncjones.com/About), our Operations Manager, has extensive experience working with people in foreclosure; helping them to get out from under their mortgage and save their credit from total destruction. He recently became Middle Tennessee's first and only CDPE (Certified Distressed Property Expert) and one of only three in the state.

One of the tools available to homeowners facing foreclosure is something called a "short sale."  Sometimes a home that sells for fair market value does not generate enough revenue to totally pay off the loans against it as well as all of the real estate and closing fees required to close the sale.  In these instances, the bank will sometimes agree to release its lien on the house for less than the amount owed on the loan.   

If you "owe more than your house is worth," you may be a candidate for a short sale.  There are potential restrictions and tax implications, so make sure you fully understand what you're getting into before you start the short sale process.

Helping a homeowner navigate through the short sale process usually requires specialized expertise as well as plenty of patience on the part of the Realtor and the homeowner.  However, a successful short sale can be a life and credit saver for the homeowner drowning under the weight of his mortgage. 

If you're facing foreclosure, John Jones Real Estate has the expertise and resources to help.  Please don't let embarrassment keep you from protecting your house and your credit. For additional information regarding Short Sales, the foreclosure process, and the options available to avoid foreclosure visit http://www.thehomesaverguys.com or call our 24 hour hotline for FREE recorded information at 1-800-238-2513 ext. 2044

The magic number for the rate of return considered strong when investing in the stock market is 10-12 percent.  What if I told you there was an investment you could make right here in Rutherford County that has historically delivered more than triple that 10 percent return on your money?

Believe it or not, this fantastic investment is residential real estate.  Allow me to lay out a realistic scenario that demonstrates the power of putting your money in rental properties.

Imagine you buy a single family home in Rutherford County for $120,000 with a 20 percent down-payment of $24,000 out of your pocket.  On the remaining $96,000, you get a 30-year amortized loan at seven percent interest (you can likely find a lower rate right now), which has a monthly payment of $640.  Add $1,500 per year to cover insurance and property taxes and your total payment comes to about $765 per month.

It is possible today in Rutherford County to pay about $120K for a home that rents for $950 or more per month.  If your purchase is in this category, it will produce a monthly cash flow (rent minus expenses) of $185 per month.  In many cases, this cash flow completely covers other non-regular expenses that occur, such as repairs, property management, etc.

Now let's say that your rental property appreciates in value an average of three percent per year, which is less than the average annual home appreciation in Rutherford County over the past 10 years.  With this conservative estimate, in 10 years your home will be worth $161,270, or $41,270 more than you paid for it.  Additionally, your principle balance on your loan will have dropped to $82,380 -- that's $13,620 your loan has been paid down by your tenants through their rent.

Overall, you will be sitting on $78,890 in equity on the house.  Remember, your original cash investment was only $24,000.  This means the value of your investment has more than tripled in just 10 years with an annual return of 32.9 percent on average.

How's that for putting your money to work for you.  There is no other investment that allows you to leverage your money like real estate.  Of course, being a landlord is not for everyone.  This investment is a little more involved than sending a check to your stockbroker.  However, you can take much of the stress of owning rental property off your own shoulders by hiring a skillful property manager and giving him the space he needs to do his job properly.  And, there is something comforting about being able to see and touch your investment. 

If you'd like to know more about investing in real estate, including how to buy property in your SEP or 401K, contact us.  We'd be glad to help you figure out whether being a landlord is right for you.

Why Would a Lender Accept a Short Sale?

“A bird in the hand is worth two in the bush.” 

One of the most common misconceptions many homeowners have is that their lender is lying in wait for the perfect opportunity to jump out and take their houses from them.  Nothing could be further from the truth.  In reality, mortgage companies are in the finance business, not the real estate business.  They do not want their potential clients’ property.  In fact, a foreclosure has far-reaching financial and regulatory consequences of which the average homeowner is not even aware.

The True Cost of a Foreclosure

When a bank gets a property in foreclosure it is taking on a ton of unwanted expenses including legal fees, taxes, insurance, utilities, maintenance, repairs, homeowners association dues, real estate commissions, and closing costs.  The truth is that on average, it costs a lender $60,000 to $100,000 to foreclose and dispose of the average $200,000 property.  This doesn’t even take into account the opportunity cost the bank incurs by having assets tied up in the house.

In comparison, with a successful short sale, the lender can save significant capital by avoiding some legal fees, property management expenses, and quickly turning a non-performing asset into cash it can use elsewhere.  In fact, in most cases a bank is actually better off with a below-market-value short sale than a full-market-value sale of a property it took in foreclosure. 

Also keep in mind that with a foreclosure the financial situation could end up many times worse for the lender if the property declines in value, needs extensive repairs, a tenant needs to be evicted, or any of myriad other potential expenses arise.  A short sale is a sure thing that allows the lender to keep the property off its books.  It simply makes sense for the bank to avoid further financial exposure by cutting its losses with a successful short sale.

Short Sale Qualifications

It is estimated that most American Families

can only maintain their current living expenses

for 60 days or less when income is interrupted for any reason.

In order for a bank to accept a short sale, you must have a demonstrable financial hardship.  You will have to prove this hardship through a signed letter that will be submitted to the mortgage company along with additional documentation.

What is an Acceptable Hardship?

A hardship can be defined as a material change in your financial situation that is or will affect your ability to pay your mortgage.  Without a hardship, it is highly unlikely the bank will consider accepting a short sale on your property.  Following are some examples of hardships most banks consider acceptable:

Payment Increase or Mortgage Adjustment

This is the single largest reason for distress in today’s market.  Although mortgages increase on a schedule and owners know the higher payments are coming, many people don’t or can’t react until it’s too late.  Or worse, they do nothing because they think they have no options.

Loss of Employment

When an individual loses employment, the loss of income is most often immediate.  Financial distress can occur very quickly and seem insurmountable.

Business Failure

For a small business owner, the devastation of a business failure is often followed by the inability to pay mortgage payments and the loss of their home.  In our area especially, contractors and subcontractors involved in the home-building industry have been hit especially hard.

Damage to Property

Many times insurance companies do not cover the full amount of damage to a property and homeowners are unable to make repairs.  Some homeowners have to use insurance funds to survive and find new living arrangements.

Death of a Family Member

The death of a family member is devastating in many ways other than financial.  However, if the person who passes was also one of the—or the only—wage earner, financial distress will almost always be added to the family’s troubles.  Even if that person was not a wage earner, his or her death can still throw the family into emotional and financial turmoil.

Severe Illness

Severe illness or injury and the medical bills involved, as well as the time it takes away from a family’s productivity, can cause bills to be missed and homes to go into distress.

Inheritance

Rarely does someone think of an inheritance as a means for distress, however heirs are left to pay mortgage bills, utilities and maintenance that they did not expect.  Imagine a son who makes $60,000 per year whose parents pass away and leave him a $700,000 mortgage and payments on a $1.5 million property.  He will quickly need to find a payment solution (which there may not be) or liquidate the property to satisfy the mortgage.  As you can see, even properties with significant equity can get into danger of being lost to foreclosure if a timely solution is not implemented.

Divorce

It goes without saying that divorce is one of the most common reasons for financial distress in the real estate market.  Even when amicable, these situations can become challenging, especially for third parties (such as Realtors) because both spouses have to be involved and in agreement in order for solutions to be implemented.

Separation

When a couple decides to separate even though they are not actually divorcing, the cost of maintaining two households can lead to the loss of the primary residence.

Relocation

Homeowners do not always have control over where they live; many relocations are necessities, not choices.  This can quickly cause unexpected distress since very few homeowners can support two households for any significant length of time.

Military Service

Except for the relief provided in very specific situations by the Servicemembers Civil Relief Act (SCRA), military service can lead to unexpected financial issues.  Servicemembers who have had their periods of active duty extended are suffering a tremendous amount of financial pressure.

Insurance or Tax Increase

For many homeowners, just the increase in taxes on an annual basis or the increase in an insurance payment can cause a family to lose a home or go into financial distress

Reduced Income

If a person is in a commission-based business (real estate, insurance, auto sales, etc.) and the economy suffers, often times their income suffers as well.  Also, many businesses are reducing employee compensation or cutting hours to make up for lost revenues companies have suffered.

Too Much Debt

For a family with credit card debt, even minor increases in their interest rates can mean the difference between paying their bills and missing payments

Incarceration

Time in jail means loss of income and freedom, and usually includes sizable legal bills.  Obviously, no income and additional debt puts the home at risk.

Insolvency Requirement

To qualify for a short sale, you must be financially insolvent.  This means that you have to owe more than you have or that you do not have liquid cash or assets that could be used to buy down the mortgage.

If you do have liquid cash or assets, the bank will expect you to use them to pay down your mortgage.  The bank may be willing to cover any remaining shortfall if you contribute your available liquid assets yet still fall short of the cash required to cover the loan.  This only makes sense since lenders view short sales as a tool for you to use only when you truly can’t pay your mortgage.

The following are strategies a homeowner can use to avoid foreclosure.  Not every solution works for every homeowner, but there is most likely one that can work for you if you are willing to invest the time and effort necessary for success.

Reinstatement

If the reason you missed payments was temporary and it has been resolved, then you have the option to reinstate your mortgage right up until the bank sale. 

In order to reinstate a mortgage, you must pay all missed payments, late fees, and legal fees that are due up until the date that the loan is reinstated.  You request this amount from the mortgage company in the form of a reinstatement letter.  This letter will typically expire after 30 days since the amount owed is time-sensitive. 

A simple reinstatement will require a onetime payment of all delinquent funds in full.  Once you make this payment, the mortgage is reinstated and you are free to make payments as you have before.

Forbearance or Re-Payment Plan

If the issue that caused you to miss payments was temporary but you are unable to make a onetime reinstatement payment, you may be able to negotiate a forbearance or repayment plan.

If you do not have the means to repay all of the missed payments and legal fees, then this is another option that also reinstates the mortgage.  The lender allows you to pay the missed amount over a period of time or they place the missed payments at the end of the amortization of the loan.  It is much more likely that you will be given a period of time in which to pay delinquencies.

This option usually requires income documentation from you showing that you are unable to comply with terms of a repayment plan.  Typically, a mortgage is not fully reinstated through a forbearance plan until all payments are made in full.  If you miss just one payment, you can end up right back in the same stage of the foreclosure process that you were facing when the forbearance agreement was created.

Sell the Property

If you have equity in your house, you can sell it and cure the foreclosure.  Unfortunately, many sellers believe that they have to sell much faster than actually have to and they end up taking the first offer that comes along. 

If you are working with a licensed agent, he can help you harvest from the home sale as much of your hard-earned equity as possible.  However, you need to make sure your agent understands the foreclosure process, is aware of the foreclosure timeline in your unique situation, and he prices and markets your property accordingly.

Many homeowners think they have equity in their home only to find that it will be wiped out by a prepayment penalty or a secondary lien on the property.  Once again, a qualified real estate professional can help you navigate through a sale as quickly and profitably as possible.

Rent the Property

In rare cases, you may have mortgage payments low enough to allow you to rent your property and keep up your mortgage payments.  Usually this is just a short-term solution. 

It is difficult to keep good tenants in a rental property if you don’t have the capital necessary to handle repairs and general maintenance.  That doesn’t even take into consideration what you would do to keep afloat if there is a vacancy.  Additionally, if your taxes and insurance are not escrowed into your loan, they become a huge burden when they come due.

Refinance

If you have sufficient equity and income and your credit has not been too badly damaged, you may be able to refinance.  This is also typically a short-term solution since payments on the property usually go up considerably due to the refinance.  If the issue that made you late on your payments in first place has been resolved then this option will sometimes work.  But in many cases, this is just a foreclosure waiting to happen.

Mortgage Modification

In some cases where you do have the means to afford your mortgage payments or very close to your mortgage payments, the bank may qualify you for a mortgage modification.  This is very similar to a lower interest refinance where the lender lowers the interest rate on the existing loan in order to lower the payments.

You will have to qualify for a modification by sending in proof of income and expenses.  If this option is available, it offers a great opportunity to keep your home.

Short-Refi

This relatively new phenomenon shows just how far some mortgage companies and lenders are going to avoid foreclosing on properties.  This process involves the refinance of a home with a reduction in the principal balance and often the interest rate as well.  You will have to apply for this process both in showing a hardship as well as demonstrating the ability to pay the new mortgage through a fully documented qualification process.  Unfortunately, lenders have been reluctant to offer this program in places like Tennessee that have not been ravaged by foreclosure like some other areas of the country.

Deed-in-Lieu of Foreclosure

This option is sometimes referred to as a “friendly foreclosure” since you essentially give the deed to your property back to the bank.  This action may prevent the lender from having to go through a lengthy foreclosure process; in exchange the bank will sometimes forego its rights to a deficiency judgment.  The mortgage company agrees to take the deed back in exchange for the property and it typically has no further recourse.

This solution only works in cases where there is one mortgage and there are no liens (or very small liens) on the property or in rare cases where the first mortgage holder is willing to negotiate with junior mortgage holders.  This happens infrequently and was previously unheard of before the current mortgage crisis.

If you have equity in your house, this is not a good option since you will give up any right to the property and any equity when using Deed-in-Lieu as a solution.

Bankruptcy

A bankruptcy may stop a foreclosure and allow you to reorganize your debts and keep your property.  The reality however, is that most of the time this is not the case and the bankruptcy only stalls the foreclosure.  If you are unable to make payments after bankruptcy, the house will foreclose anyway.

The other major drawback to bankruptcy is that it makes it very difficult for you to sell your property once you enter the process.  And it makes it nearly impossible to negotiate a short sale.  The only possibility is if the trustee for the bankruptcy agrees to release the property from the proceedings and allow it to be sold.

Servicemembers Civil Relief Act (SCRA)

Signed into law on December 19, 2003, the SCRA provides certain protection to military personnel that are in foreclosure in specific situations.  The law also provides Servicemembers other protections

As it applies to mortgages, the law reads:

Mortgages:  The SCRA can also provide temporary relief from paying your mortgage.  To obtain relief, a military member must show that their mortgage was entered into prior to beginning active duty, that the property was owned prior to entry into military service, that the property is still owned by the military member, and that military service materially affects the member’s ability to pay the mortgage.

It is important to note that this relief is only temporary and in many cases the most prudent course of action is to sell you property.  However, this is a personal decision based on your specific financial situation.

Short Sale

When you owe more on a property than it is currently worth and one of the above solutions do not apply to your situation, you have the option of pursuing a short sale.

You are “short” when you owe an amount on your property that when combined with closing costs and commissions is higher than the current market value.

A “short sale” occurs when a negotiation is entered into with your mortgage company or companies to accept less than the full balance of the loan at closing.  A buyer closes on the property and the property is ‘sold short.’

In the past it was rare that a bank would accept a short sale.  However, due to overwhelming market changes, lenders have become much more negotiable when it comes to these transactions.  Recent changes in policy within many organizations have made the chances of getting a short sale approved even higher.

Even with banks more open to entering into the process, you will need the help of a real estate professional who is patient, organized, a good communicator, and highly knowledgeable in this area in order to complete a successful short sale.

Regardless of what some opportunists in the marketplace have been saying, a short sale is not a “get out of my mortgage free” card.  If someone suggests otherwise, the next step will likely be to send “get creative” (read: lie) with the financial information you send to your lender.  This is also known as mortgage fraud.  The bottom line is that a bank will only approve a short sale for someone who is already in or obviously headed for foreclosure.  This means that you must have a valid financial hardship for why you can’t pay your mortgage.  If you have the means to maintain your mortgage or bring cash to closing, the bank does not consider you to have a valid financial hardship and therefore will most likely not approve a short sale for you.

If you are in the Murfreesboro TN or Rutherford County area and are facing foreclosure call our toll free 24 hour info line for FREE recorded information 1-800-239-2513 ext. 2044, visit www.TheHomeSaverGuys.com, or simply email us at John@JohnCJones.com

Well 2008 has come and gone and the real estate market in Rutherford County has experienced the second consecutive year of declining sales since the mountaintop year of 2006.  But hey, what did we really expect after 14 years of  a “let the good times roll” market?  Economists say that most vibrant real estate cycles usually last 7-8 years max. Middle Tennessee’s ran full throttle for a decade and a half without so much as a catnap!

You really had to scratch your head when you pulled up to the red light and right next to you the roofing contractor was revving up his new Ferrari, or when your plumber just bought his second home in Aspen, (interest-only baby).  Let’s not forget us Realtors who ran through Hummers and Harleys faster than a Chris Johnson 40-yard dash. Oh those were the days!  When the only qualification to become a builder was to have king cab-duelly and a cell phone. Two by four, two by three?  Who really cares? Land developers were buying jets quicker than you can say “King Air!” 

Okay, so I am exaggerating a little bit… well, not much.  We in the business knew it would not last forever; we just figured it was always three years off.  I never really understood when mom would say, “Grandpa is frugal because he grew up during the depression.” But now as I am collecting cans on the side of the road, I am starting get it. I feel ya, Grandpa.

 Back in 2006, I actually thought something was amiss when I attended a closing where an exotic dancer and her muscle-bound boyfriend closed on a million-dollar home in the prestigious Governors Club. Business was booming. Pacman was in town.  Did I hear someone say, “Let it rain!”?

 The lending industry became a contest to see which bank could give away the most money the fastest. They had this product called a “stated income” loan where the liar, oops I mean borrower, simply had to state what they earned without any verification.

 “Hmm, lets see.  Put me down for $250,000 a year and my wife, well let’s see. She’s working part-time; just put her down for a cool fifty-K.”   

“Well congratulations Mr. and Mrs. Dumba#%.  You qualify for a $500,000 mortgage.”

 The couple sighs.  

“But hey, if you go with the adjustable-rate product we can probably increase your purchasing power to $750,000.  How does that sound?”  

“What if the rates go up?”

 “Don’t worry about it, we can refi you to a fixed in a couple of years.”  Forgot to tell them about the $20,000 prepayment penalty.

 I’m sorry; I’m getting a little over the top, but it was pretty crazy! The truth of the matter is that what we are going through here in Rutherford county pales in comparison to the much of the country. We simply did not have the appreciation run-up that many areas experienced; therefore our fall won’t be nearly as great.

In reality, we actually did the same numbers this year as we experienced in 2001, which at the time was a good year.  The only difference: we had built up a supply of homes to support 6,300 sales, not 3,700. We are going through a correction period right now and that’s okay.  It has to happen. Although I do miss my weekly massages and quarterly back wax treatments.  Sorry, dreaming about 06, again!  No really, I would not trade our market for any other in the country! We have been blessed here in Middle Tennessee and our market will strengthen before most others. 

In my opinion, 2009 will be similar to this year! Although we have sold off or foreclosed off much of the new construction, bank-owned and short sale homes have kind of taken their place. The inventory of homes is basically the same as it was at this time last year, which is an 8.2-month supply. Experts are speculating that Obama will pass a pretty healthy housing stimulus package and that should help! I do not know if we are at the bottom; nobody ever does ‘til six months after we’ve left it, but my gut tells me we are in the valley!

 I wish everybody a great 2006… I mean 09. There I go again living in the past!

Now that rates have hit some 40-year lows in the past week, I have been asked by several past clients and friends the same thing, “should I re-finance?” The answer to that question is different for each person depending on their particular situation. But because we are seeing some of the best interest rates of my lifetime, I have decided to make a cheat sheet for all my friends and clients. (Actually I am stealing it from a great Realtor friend of mine)

Let me preface, I am not a mortgage broker, I am a Realtor. However, I do try and stay abreast of the overall economy and the ever-changing mortgage market. So I am giving you a basic overview of my opinions, by all means please do not take my word as the gospel.

This is straight to the point and I must give some credit to my good friend, Michael Maher, a Realtor in Kansas City. Thanks Michael!

In General! You should re-finance if:

• your rate is 6% or above on a 30 year mortgage
• you are in any kind of adjustable rate product (possible exception below)
• you are in any kind of interest only product
• you are planning on staying in your home for two or more years
• you want a chance to go from a 30-year mortgage to a 15-year mortgage
• you want a chance to go from a 15-year mortgage to a 30-year mortgage in order to save some money
• you want to consolidate some debt at a higher rate (credit cards, other loans,etc.)
• you want to skip a monthly payment during the next two months to pay down Christmas bills (when you re-fi, you typically have about 45 days without payment because mortgage interest is usually in arrears) DO NOT use the windfall money for disposable income, use it for some bill!
• If you have 20% equity in your home and this gives you the opportunity to knock off the private mortgage insurance (PMI)
If you have any further questions on whether this would be a good time to re-fi, please email me at johhn@johncjones.com and we will contact you promptly.

In General! You should not re-finance if:

• your current rate is fixed in the low 5’s
• you will moving in the next two years
• you are one of the lucky ones who have a mortgage that is tied to the prime rate (usually investor loans), some adjustable rates are also based on prime or a margin plus prime.
• your existing mortgage has a pre-payment penalty that the mortgage co. won’t waive
• the value of your home is less than your mortgage ( you are upside down)

There are exceptions to these rules!

A quick example to determine your break-even point

$200,000 loan
Current rate: 6%
Re-fi rate: 5%
Current Monthly payment: $1199.10
Re-fi payment: $1073.64
Monthly savings: $125 That’s GOOD!
Est. fees to re-finance: $3000 ( I can probably help you do better-think volume here)
Break even: 3000/125= 24 Months
• In this case, if you are planning on staying in your home for over two years it may be wise to investigate your re-finance options.
• Disclaimer: above mentioned fees and rates are estimates and your rate, fees and mortgage could differ based on your credit score, credit history and other factors. I am just here to help and council.

Rates could go lower ( I know of some 4.875% quotes as of Friday 12/19/08), but I do know the market has anticipated some of these low levels. The bond market usually adjusts ahead of when the public is hearing the Feds have lowered rates. So it is anybody’s guess if they will go lower. I do know that they are historically low right now! I just want try and help as many friends and clientele as I can by giving you this information. Hopefully this helps some of you take advantage of this incredible mortgage market.

Maybe, just maybe, the federal government has given you and your family a terrific gift this Christmas. That is my hope!

God Bless,

John Jones
John Jones Real Estate
john@johncjones.com

As a follow up to last weeks video about Investing in Real Estate in this video we talk about how to minimize the hassles associated with owning rental property in the murfreesboro tn area.

In this video we discuss investing in rental property in the murfreesboro tn area.