Enter our drawing by emailing contests@perlmortgage.com your answer to the riddle below, and you’ll be entered to win a Gourmet Gift Basket! The winner will be drawn on November 17th!

You see me often ladies,
For I am a part of your life.
I sometimes bother babies
But prefer to cause adults strife.

My looks are a sign of your personality.
My strength cannot measure up to yours.
With most people I am there for eternity.
Onto me, water often pours.

Many look to me with pride,
While others wish to change me.
Drifting slowly, my time I bide
Waiting for you to see

That I am just a thing you’re given,
Not something very important.
For I have always been
And will forever be dead.

Congratulations DARLENE LEIFKER!

Darlene won our drawing for two tickets to the October 17th Bears/Seahawks game at Soldier Field!

If you’re not on our email list and would like to receive promotions like this one, please send us your current email address to contests@perlmortgage.com. Go Bears!

Parents often shelter children from finances. However, it’s important to include your child in the basics, as they’ll benefit from understanding how much things cost and how long it takes to pay for them. Here are some strategies to consider:

Pay an allowance based on specified chores. Give time frames for the chores, along with corresponding fees. Sign a mock “agreement” with your child. At the end of the week, update a checklist identifying which chores were completed on time with the total due. Allowances should be deposited into a checking account in custodial name with unlimited check writing options.

Each month, review the bank statement, explaining their account balance and the maximum amount that can be spent. Have older children balance and review their checkbook every month.

Set financial goals based on wish list items. For example, a goal may be to buy a computer software game. Bring your child to the store and identify the retail price. Explain the tasks required to afford the item. Keep the child focused on their goal.

Fight the “I want it now” attitude. From fast remedies to fast food, we all like instant gratitude. Of course, life doesn’t always work that way. Show your children the value in making educated decisions about money. “Slow and steady” paves the way to a healthy financial life.

Robert A. Mecca, CFP, MBA is Principal of Robert A. Mecca & Associates, Bob can be reached at 847.359.2900 or bob@meccaonmoney.com. For more information, please visit www.meccaonmoney.com.

With rates this low, now’s a great time to revisit your mortgage. Here’s a quick refresh on what documents you’ll need to collect for the process:

• 2 Months Bank Statements: If you don’t have physical copies, your bank can print them for you.

• W2’s from the last 2 years: If you don’t have them, your employer can reprint them for you.

• Homeowners Insurance: You can get a physical copy from your insurance agent.

• Building Insurance (for condos): Please request from your management company or condo board.

• 2 Months Asset Statements: You can print statements online, or request that they be mailed.

• Current Mortgage Statement: Can be mailed; is also accessible online with your mortgage servicer.

Why FHA? In today’s market, getting an edge on competition is key. Without spending a dime on remodeling, you can make your home more attractive to potential buyers by getting FHA approved. FHA loans carry as little as 3.5% down!

What is an FHA approval? Borrowers have to be approved for loans - and since a condominium has an association, which is inherently tied to managing and maintaining the property, the association’s credit (so to speak) has to be approved as well. FHA has an approval process for what kinds of condos are structurally and financially eligible for the FHA mortgage product.

Is it easy to get approved? The approval questionnaire is a basic form, and many of the documents required are part of your condo’s existing docs and bylaws. Once everything is completed and organized, HUD reviews the documents and informs you if anything’s missing.

Don’t forget. Make the most of your new FHA approval! Incorporate the status into signage and sale listings. In a neck and neck battle for purchasers, it might just be the detail that sways buyers to your property!

For more information on this topic, visit www.fha.gov and listen to our FHA series on the PERL Podcast.