Email your answer to the brainteaser below, and you’ll be entered in our drawing to win a Gourmet Gift Basket! The winner will be drawn on February 15th. Good luck!

Question:
My life can be measured in hours,
I serve by being devoured.
Thin, I am quick,
Fat, I am slow,
Wind is my foe.

What am I?

Email your response to contests@perlmortgage.com today to enter!

Make 2010 your year for mastering finances and creating a prosperous foundation for the future.

Pay off debt with an interest rate above 10%. Credit cards, HELOCs with high rates, and any other personal consumer loans take a chunk out of your income each month. Call each account to negotiate better rates.  Pay off what you can; highest rate first.

Review your insurance. Call your insurance company when you encounter a life change such as a new job, new home, or an addition to the family.  Investigate deductibles and see if raising your amount might make sense this year.

Review your income taxes. Income fluctuations and family additions are a great time to review your withholding.  If you withhold too much, you’re losing money you could potentially gain in interest throughout the year.  If you withhold too little, you might end up having to pay taxes and penalties.

Start budgeting. Watch where you spend the most money and look for ways to save. Regular maintenance for car and home, grocery shopping for the week and planning ahead for trips will all minimize  the impulse spending we do for last minute repairs and fast food runs.
Save more - at least 10% of your income. Make a habit of allocating 10% of your income for savings and investments for retirement. You’ll be actively working towards a better financial future for yourself. If that’s too much, try increasing your current allocation by 3% and work your way up.

Calculate your net worth. Do a reality check to ensure you’re on the right track. Your net worth should be increasing each year, even if it’s just by a small amount. The exercise of calculating your net worth can be very valuable as well — people often discover accounts, investments, etc. that they have forgotten about, or need to update.

Start an emergency fund. If you don’t already have an emergency fund, start one today. Your emergency fund should have a minimum of 3 months worth of expenses. This is your money for a job loss, emergency repair, medical expense, etc.  Keep these funds in a money market account or other high interest account that’s easily accessible.

Reviewing and prioritizing your financial commitments is important now more than ever — especially if you’re in the market to purchase or refinance.  Call me today for a free credit analysis — and hit the ground running in 2010!

Attention Runners (and those of you looking to fulfill New Year’s resolutions):

PERL Mortgage is sponsoring another half marathon!

Whether you ran with us in ‘09, or just heard about the race from a friend, we can’t wait to see you at the starting line on Sunday, May 17th at 7am. With the same great setting and a new and improved course, the 2nd Annual Magellan Development Chicago Spring Half Marathon is the perfect way to kick off your 2010 racing season on the right foot!

The morning of activities includes the Chicago Spring Half Marathon, a 10K and a Junior Dash, all followed by a post-race picnic and celebration with plenty of great sounds, food and awards.

To find more information, visit the PERL Mortgage Facebook fan page and be the first to hear about exciting promotions and giveaways!

From interest rate fluctuations to historic new legislation surrounding lending guidelines and tax credits, 2009 may go down as a year in which major players within our economy began to renew transparency and trust in our nation’s financial system.

The lending industry saw historically low interest rates continue.  The stock market rebounded, homeowners refinanced loans in large numbers, and first time home buyers took advantage of the historic $8,000 tax credit.

For specific mortgage products, we saw dips in the 30-year fixed and ARM products: but because most banks weren’t lending, the only viable vehicles were via government-sponsored agencies such as Fannie Mae, Freddie Mac and FHA.  And because these government-sponsored agencies lend money on conforming products, lenders in the jumbo market incorporated tighter guidelines, shrinking the market for non-conforming loans.

As the year progressed, though, the jumbo market gained steam.  Borrowers shopping for non-conforming loans still need to bring 20% down - more than in years past, but this represents a movement towards a more normalized long-term view of home financing.

Our industry also took important steps to self-correct. Loans with borrowers carrying very high debt-to-income ratios (upwards of 65-70%) are now no longer available.  There are no more “stated income” mortgage products.  Few 100% financing products are on the market.  Credit guidelines have also tightened.While in the past, borrowers could obtain a mortgage with a credit score of 580,  loans carrying credit scores under 640 are now often difficult to underwrite. A score of 720+ yields the strongest rate pricing.

The first-time home buyer tax credit of up to $8,000 invited a new sphere of potential home buyers who have jobs, have good credit, but lack the savings to make a significant down payment.  This incentive, in addition to low rates, will help to keep the market moving.

We witnessed one of the largest real estate crises in history. Many companies were forced to close their doors, downsize or merge with others just to stay afloat. We’re happy to announce that 2009 was PERL Mortgage’s finest hour. Not only did we celebrate our 15-year anniversary, we had our highest producing year to date.

What’s our secret?  Flexibility and a quality loan process.  A commitment to our customers.  Ongoing training,  continued education, and a drive to succeed.  We love what we do - and we thank you for your continued business and referrals through the years. We’ve built our success on your loyalty - and look forward to a prosperous 2010!