We have just received a unique offer for our customers whose loans are now being serviced by Chase Mortgage as of April 1, 2009. When you open a Chase checking account and set-up direct deposit for your paycheck, you’ll receive $125.00. By setting up automatic payments from this account to pay your Chase mortgage, you can earn an additional $100.00!

When you bank with Chase, you get more than a checking account.

Chase Checking customers have access to:

- Free Direct Deposit
- Free Online Banking & Bill Pay
- Free Chase Debit Card
- Free Account Alerts
- Free Nationwide Access to over 14,000 Chase and WaMu ATMs
- No monthly service fee with direct deposit or five debit card purchases each statement period

Please contact your PERL Mortgage Advisor to take advantage of this great promotion – the incentive is only available through September 30th. We’re happy to send you an electronic scan of the coupon code you’ll need to set-up your checking account online. In order to set-up mortgage auto-pay, you’ll need to visit a local Chase branch.

We hope you can benefit from this valuable offer. Please don’t hesitate to email info@perlmortgage.com for more details!

As a germ freak, I’d like to announce that I’m not a believer in the 5 second rule. Once the food hits the ground the party is over. I’ve got plenty more fun tidbits and facts for you today, so read on, my friends…

Rates:
Hard to believe but the ARM rates are still low – in the mid-4s. The 30yr fixed remains in the low 5s. Rates can sway either direction based on what type of home you own (condo, single family, etc), credit scores, equity in the home, and recent celebrity deaths.

Inspirational Quote:
And in the end, it’s not the years in your life that count. It’s the life in your years. – Abraham Lincoln

This date in Prime Rate history:
July 8th, 1981 the Prime rate was raised to 20.50%. Today it’s at 3.25%. Let’s all remember not to complain when the Fed starts raising this next year.

Did’ja Know 1:
There isn’t a website that shows if rates are up or down, but you can take educated guesses by following the 10-year treasury. Historically, mortgage interest rates move in step with the yield of the 10-year treasury. If the yield on the 10-year treasury goes up, the price of the treasury goes down – therefore the yield goes down and rates (and my blood pressure) go up. Confused? Me too, but here’s a good website to look at: http://finance.yahoo.com. If the 10yr bond (on the left hand side) is in red, that is good for rates. If it’s green, it’s not good for rates.

Trivia:
Congratulations to those of you who correctly guessed Pamela Anderson for last week’s trivia answer. Want to win a $5.00 Starbucks gift card this week? Simply be one of the first 10 to email me the answer to this week’s Who am I? question: I turn 51 today. At 17 I left my Philadelphia home to pursue an acting career in New York , and three years later starred in the hit comedy Animal House. I was offered a role in the sitcom of the same name but turned it down because I did not want to live in Los Angeles . I’ve never lived in LA which is crazy since I’ve done over 60 movies to date (which is probably why my name gets linked to a lot of actors). Also, there is no truth to the rumor that I am starring in a remake with Zac Efron about a kid that defies authority so he can dance.

Did’ja Know 2:
No animals were harmed in the making of this blog.

Appraisals:
have been nothing short of a joke this year. Legislation kicked in on May 1st that doesn’t allow mortgage brokers to have any contact with appraisers. Even if I see one at a bus stop, I’m supposed to put my head down and walk away. This was put into place to help curb any fraudulent values. What has it done? It’s made a mockery out of the whole appraisal system. For the last 12 years I have used the same appraiser who knows the city of Chicago better than anyone on this planet. Now we are forced to use appraisers who may reside in a suburb 50 miles from the city. This isn’t just PERL Mortgage – every single bank/broker has to abide by the new rule. If you haven’t already done so, I encourage you to write your legislator and complain about it. The rule had a good intent, but has only hurt the borrowers it was designed to help.

Rates:
After being as low as 4.625% and as high as 5.875% in the past 40 days, rates have settled back in the low 5s. Today a 30yr fixed is at 5.25% - but keep in mind that can fluctuate based on equity in the home, credit score, and full moons.

Rest
in peace, Farrah…

Did’ja Know:
Bi-monthly payments can cut a 30 year mortgage down to 23 years. When you set up b-monthly payments with the bank - by the end of the year if you add it up - you’ve made 13 payments instead of 12. That extra payment cuts out a ton of interest. I advise doing this if you are going to keep your place more than 5 years. Less than 5 years? I advise you to take that extra money and blow it on a bender to Vegas.

Trivia:
Congratulations to all who guessed last week’s answer: George Michael. Want to win a $5.00 Starbucks gift card? Be one of the first ten to guess the ‘Who am I?’ question: I turn 42 today. Born in British Columbia , I was discovered at a Canadian Football League game when I was shown on the jumbotron and given a modeling contract on the spot; but I’m not just another pretty face – I’ve written books, starred in TV sitcoms and movies. I’m an active member of PETA although they are probably not happy with the fact I opened a strip-club steakhouse in New York a couple months ago. One thing I haven’t been successful with is my love life. I’ve been married three times (two divorces and one annulment), dated rock stars, models, surfers, gamblers, Scott Baio, and have secretly had a crush on Barry Schwartz for years! That’s quite a motley crue, huh?

Inspirational Quote of the Day:
I had no ambition to make a fortune. Mere money-making has never been my goal; I had an ambition to build. – John D Rockefeller

Rates:
It’s been a real roller-coaster ride the past 7 days. I’m talking about the kind of roller-coaster that when you get off you feel like throwing up, even if you had a good time. No idea what that means. All I know is this: rates for a 30yr fixed mortgage are at 5.25%. ARMs are still below 5%, but there are rumors that the banks quoting low ARM rates may start to pull out of the game this week. We’ll see…

Report Cards:
Perl Mortgage was recently given a grade of A+ by the Better Business Bureau. This means there have been zero complains about us in the past 36 months – quite an accomplishment in an industry as crazy as the one we are in. Also, I don’t want to brag, but this grade is only two away from what I averaged when I was in school (which was a C+). Do you have any complaints, suggestions, or compliments – we would love to hear them.

Inspirational Quote of the Day 2:
The painting was a gift, Todd. I’m taking it with me. – Vince Vaughn, Wedding Crashers, 2005

Trivia:
Congrats to all of you that guessed last week’s answer – Barry Manilow. This week, be one of the first ten people to email me the correct answer and you will win your choice of either a Barry Schwartz- Perl Mortgage pen, or a Tootsie Roll tootsie pop. Who am I: I turn 46 tomorrow. My music has sold over 100 million records and I’ve had ten # 1 hits here in the U.S. I sang on the original Band-Aid recording of “Do They Know It’s Christmas.” I was successful in my band (1981-86) but have more hits as a solo artist – including one hit that American Top 40 host Casey Kasem refused to say the title of because he thought it was too racy (along with some radio stations). After my huge success in the late 80s, things started to go downhill. I was arrested by an undercover cop in a public restroom for lewd conduct, and have had several arrests due to my addiction to cannabis and sleeping pills. Don’t worry for me though because I can recover. I’ve got faith.

$8,000 and how to get it:
Remember when rumors were running amuck about how the government would give $15,000 for any first time homebuyer that purchased a home before December 1st? That shrunk down to 8k. Then there were rumors you could get that 8k at the closing, as opposed to getting a tax credit. Those rumors are, well…still rumors. Supposedly this might get passed for FHA loans, but for now the only way you are going to get this money is on your tax return. I’ll keep you posted if I hear anything new. More rumors that are just rumors: I never tried out for American Idol, I don’t wear a toupee, I have never appeared on Judge Judy, and that was not me that got arrested streaking across Wrigley Field in 1988.

Cassette tapes, VCRs, Pagers, and FHA spot approvals:
The first 3 on this list are extinct. The 4th – FHA spot approvals – will join that list shortly. According to HUD, effective October 1st - lenders will now decide if they want to do FHA loans in condos. Basically the bank will approve of the entire project (this will last for a maximum of 2 years and then have to be re-approved) themselves for FHA.   There’s a little more red-tape involved, but we’ll go over that another time.

Quote of the Day:
“And in the end, the love you take is equal to the love you make.” – The Beatles, The End.

Rates:
Three weeks later I’m still suffering some sticker shock from the dramatic increase in rates, however they have come back quite a bit. 30yr fixed is around 5.25% today. As usual, this can fluctuate based on equity in the home, what type of home, and credit score.

Trivia:
Congratulations to all of you last week that guessed Elizabeth Hurley. The first ten people to guess today’s question correctly will win a $5.00 Starbucks gift card. Email me the answer to this Who Am I? question: “I turn 62 today. My early credits included writing jingles for Band-Aid (I am stuck on Band-Aid, ‘cause Band-Aid’s stuck on me!”) and State Farm Insurance (Like a good neighbor, State Farm is there…”). Besides jingles, I guess I’m known for the way I dress too – because in the movie Breakfast Club, Bender asks Vernon if I know he raids my wardrobe.