How to prepare for pre-qualification

You’re ready to commit to a mortgage. So what’s the next step? Either before you start making plans to find an agent or at the same time, you need to meet with your bank or lender. Pre-qualification is the very first step in determining how much house you can afford and how much a lender will be willing to loan you. There is typically no cost to pre-qualify but there is also no commitment from the lender at this point to loan you money. It’s a dry-run of the pre-approval process and will help you set important spending boundaries.

Get a handle on your financial situation and gather up all the paperwork your lender will likely want to see. Be prepared to show these documents: tax returns from the last two years; all W-2 tax forms from the last two years; all account statements, such as credit card, checking and saving accounts; three most recent pay stubs; a letter of promotion notice, if this applies to your job situation; CDs, 401k, 457 and all other retirement account statements; and identification, such as drivers license.

The information you gather can be used to determine how much house you can afford. Click here to use the online calculator.

Once you meet with your lender, he or she will determine if you pre-qualify and will explain the terms of the loan, closing costs and other inspections that may be required to secure a loan at that institution.

The next step in the homebuying process is getting pre-approved by the bank. This is a tentative commitment from the lender for mortgage funding and will be explored in greater detail in future blog posts.

Mel Foster Co. Teams Up with American Red Cross

Mel Foster Co. and the American Red Cross are partnering to give the gift that saves lives this holiday season.  The Quad Cities and surrounding communities are invited to donate blood during a convenient blood drive.

Mel Foster Co. is hosting a blood drive on Tuesday, December 18, from 9 a.m. – 1 p.m. at 3211 East 35th St. Ct., Davenport.  Look for the Red Cross bus.

You are eligible to donate if you have not given blood since October 23, 2012.  Please bring ID – Red Cross donor card or photo ID.  To schedule an appointment to donate, contact Antra Wayne at 563-823-2226 or email awayne@melfosterco.com.

Your donation could help save three lives.  Your family member, neighbor, friend, or a co-worker may need blood this holiday season when donations are at their lowest.

For more information about Mel Foster Co., visit www.melfosterco.com

Mel Foster Co. Announces New Director of Career and Agent Development

Mel Foster Co. is proud to announce the addition of Margaret Schaad Beetz as their Director of Career & Agent Development.  Margaret is responsible for recruiting, and she will be an instructor for their new agent training as well as working with existing agents and managers in career development.

Margaret recently relocated from Englewood, FL and has over 26 years of extensive real estate experience.  Margaret started her career in a small office in north central Illinois.  She purchased that independent residential brokerage four years later in 1991.  As an owner/manager with personal multi-million dollar production during that time, Margaret handled all aspects of associate management, including recruiting, training and motivation in addition to property management.  She joined the Illini Valley Association of Realtors®, and served as Chairman of the Professional Standards, Finance, Membership and Equal Housing Committees, was elected President of the Association, and received the Realtor® of the Year Award in 1995.  During that time she also received the Graduate Realtor Institute (GRI) designation.

In 1999, Margaret sold her brokerage business and moved to Orlando, Florida to work for Coldwell Banker Residential Real Estate in the Winter Springs office, specializing in Relocation services for transferring buyers and sellers.

In 2001, Margaret joined Coldwell Banker Sunstar Realty as a branch manager for their Englewood, Florida office.  She also managed a second office for Sunstar in Port Charlotte for three years.  During that time, the production of those two offices was instrumental in the company achieving the coveted Coldwell Banker Chairman’s Circle award, which also helped position the company in the Top 500 Power Brokers Survey each year of her employment.  Premier Office awards for outstanding production from Coldwell Banker Corporation were received for both of the offices Margaret managed in addition to the Web Image Designation award.

Margaret served on the local MLS committee, the Professional Standard committee as well as three year Director of the Englewood Area Board of Realtors®, prior to being elected in 2008 as President-elect, and President for 2009.  She received their Realtor® of the Year Award for 2009.

As a Charter member of the Englewood-on-the-Beach Chapter of the Women’s Council of Realtors®, Margaret served as Chair of the Nominating Committee, Vice-President of Membership, President-elect and President.  As a member of the Florida Association of Realtors®, she served on the Risk Management and Professional Standards State Committees.

Prior to moving to Iowa, Margaret was employed by Keller Williams Realty in Englewood, Florida as the CEO and Team Leader.  During her first year as their Business Coach, the Market Center attained the top position both for sold sides and volume on the “mainland” for the year 2010 in the Englewood area according to the My Florida Regional MLS.

You may reach Margaret at her office at 3211 East 35th St. Ct. Davenport, IA, by phone at 563-823-2237 or email mbeetz@melfosterco.com.


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