It’s that time again!  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 May 3rd!

A painting job can be completed by 3 painters in 33 days. If 6 more painters join the team 9 days after starting work on the job, then how many more days are required to complete the job?

A. 8     B. 15     C. 9     D. 5     E. 10

Email your response to contest@perlmortgage.com, or to your Mortgage Advisor.

In times like these, people tend to curb spending. But now is truly the time to go against the grain and capture the home purchase of a lifetime. We’re experiencing the perfect mix of low home prices along with historically low rates to make home buying a positive financial move. Here are a few other bonuses to buying in the current market:

Affordability
Prices have fallen in the last two years.  Economists expect this to level out by the end of the year, making this buying season the perfect time to capitalize on a home sale.

Inventory
With so many homes on the market, it’s easier to find the one that most closely matches your wish list. A larger selection of homes will also keep prices low for the time being.

Discounts
Builders are getting aggressive with their pricing in order to move units more quickly, putting a “new construction” home within reach — now more than ever.

In today’s market, the first step is pre-approval. This will ensure that you can afford your dream home. Please call me to help you devise the best plan for your upcoming purchase. And if you need to sell your home prior to buying something new, please let me know.

Click Here to download a printable version of the Spring 2009 Newsletter.

In an attempt to bolster the economy, the Federal Reserve purchased more mortgage-backed securities, the bonds that directly dictate 15 and 30-year  fixed government and conventional mortgage products.  Many home owners and new buyers have benefited from these historically low rates.

The graph to the right shows rate fluctuation over the past three months — and reveals an interesting pattern: rates tend to spike quickly, then fall slowly.  Because of this, we encourage customers to lock sooner than later to ensure a low rate.  Though we’d all love to find a crystal ball predicting the date and time of the rock bottom rate, it’s often better to set a realistic rate goal and act as soon as the market presents that opportunity.

Click Here to download a printable version of the Spring 2009 Newsletter.

A short sale is a sale of real property for an amount less than the unpaid balance of its first mortgage. Once costs such as real estate commissions, escrow, and title are passed along to the lender (who agrees to accept the proceeds as payment in full, despite the shortfall), the sale progresses.

Such a sale requires the consent of the lender and may create taxable gain for the seller — to the extent of the debt forgiven by the lender. Short sales have become a popular alternative to foreclosure, and are a more credit-friendly option.

Sellers who are considering a short sale should negotiate a payoff with their lender first before listing the property. This will help to determine the sales price. In addition, this will streamline the process, as it will make it faster and easier to close once a buyer has been found.

For buyers, short sales can involve a little more paperwork but overall, they are a great way to obtain a good price on a property.

When considering a short sale, make sure to involve a mortgage advisor, realtor, and attorney early in the process. They will  provide guidance lead buyers through the appropriate steps to make the transaction as simple as possible.

Click Here to download a printable pdf of our Spring 2009 Newsletter.