Children are becoming more and more involved in the search for real estate, especially as children wait longer to leave the nest and complete their education. Depending on the age of your children, they can use technology to find homes for sale or even be an integral part of determining how much house you can afford.
Mel Foster Co. lists all home for sale, from every listing company, at www.melfosterco.com. Your kids can help you filter by price, bedrooms and other options that are important to you.
The free Mel Foster Co. app can be downloaded to find all homes for sale around a particular location. Once you have the app downloaded to your phone or tablet, your tech-savvy child can launch the Foster Finder to activate your device’s camera and GPS to identify listings while you drive. It’s a fun way to get kids involved on the drive home from school or a friend’s house. And having a helper while you drive is the safe way to search on the go.
Children of all ages can benefit from the financial lessons that go along with buying a house. Searching within a budget is an easy lesson for younger children while budgeting for expenses like homeowners insurance, taxes, inspections and closing costs is a valuable exercise for older children who may soon be buying their first home.
Make your home search a family affair and involve your kids at an age appropriate level.
Lynsey Engels, President, Real Estate Brokerage at Mel Foster Co. Inc. is pleased to announce ten of their agents have received recognition in the 2014 Premier Club by Leading Real Estate Companies of the World®. The following agents received Premier Club status, based upon closed referrals between January 1, 2014 and December 31, 2014:
Zina Akre, Geneseo
Jodi Faulkner, Bettendorf
Lucky Lang, Davenport I-74
Don Marple, Davenport Kimberly Road
Norm Marcov, Davenport I-74
Tim Odey, Bettendorf
Judy Schmidt, Moline
Steve Sullivan, Moline
Jackie Turner, Galesburg
Pete Voss, Davenport Kimberly Road
Leading Real Estate Companies of the World® is a global network of over 500 premier real estate firms. Leading RE is comprised of select independent real estate companies who set the standard of quality service, while generating a highest volume of referral, relocation, and real estate business opportunities for its members.
Mel Foster Co. Relocation division is lead by Deb Boland, and her team assists with moving in or out of the area, providing community tours, finding second homes and senior living. Contact our relocation specialist for more information at www.melfosterco.com
Mel Foster Co. is proud to participate again in the Student Hunger Drive Corporate Challenge. The competition kicks off today and runs thru February 27.
Each Mel Foster Co. office is conducting an internal food drive by collecting donations of money and/or canned food items for the Student Hunger Drive. For last year’s corporate challenge, Mel Foster Co. received the Bronze Award for Division B collecting 37.25 pounds per employee and their insurance division won the internal drive.
“Supporting those in need is what being a community partner is all about”, says Lynsey Engels, President of Brokerage Division of Mel Foster Co. She added, “Mel Foster Co. is proud to continue our tradition of supporting the Student Hunger Drive, and our agents and staff look forward to helping create awareness in the fight against hunger in our area.”
Are you a snowbird? Do you “fly south” for the winter? Why continue to rent, especially if you find yourself returning to the same place year after year. Try using Mel Foster Co.’s free relocation services to help you find and purchase a second home in your favorite winter destination. Our vast network of contacts will help you find an agent wherever you spend your winter.
Here are just a few things that we offer:
Help you find an agent in another state
Provide cost of living comparisons
Help you find a mortgage company
While you’re basking in the sun in your winter get-away town, thoroughly survey your favorite neighborhoods. How’s the traffic when the population is at its winter peak? Are stores or restaurants more crowded at certain times of the day? This information will give you an idea of what to expect during winters to come.
Ask your agent about renting out your winter home in the months that you’re away to generate more disposable income. If you pick the right property, it may pay for itself.
Contact a relocation specialist and start making connections in your winter community.
When shopping for a home, check out transitional city neighborhoods that might just be on the verge of revitalization. You might find a great price or a really unique home that’s in the middle of the action. There are several reasons why you should consider all of your options when searching for your new home.
Urban neighborhoods are home to coffee shops and corner stores. Boutiques and other quirky shops can add the character you might be missing in a traditional suburban setting.
Young couples or singles, who aren’t ready to give up a thriving nightlife, are often drawn to downtown lofts, converted warehouse spaces or even upper floors of shops and restaurants. Living downtown may give you more opportunities to make friends who are your age.
Many times, living in an urban area gives you easier access to public transportation that could significantly reduce your annual transportation budget, if you’re fortunate enough to no longer need the use of a car.
Farmer’s markets and food co-ops are also becoming very popular in urban areas. With access to organic and farm fresh food, your health and wallet could be thanking you. Another point of consideration is that living in densely populated areas gives you the potential for exposure to other ethnic groups and cultures. New and interesting food and customs could become just another perk of your new neighborhood.
Downtown homes or lofts are often smaller than homes out in the burbs. This means less to clean, a smaller yard or maybe no yard to mow, and your utility bill may be smaller in a smaller home. You have your whole life to move out to the suburbs. Look around your downtown for the hot spots that fit your budget and style.
Count on a Mel Foster Co. agent to help you identify up and coming neighborhoods and the programs that may make homeownership more affordable to you. Find an agent at your local office.
Mel Foster Co. agents were honored by the Quad Cities Area REALTOR® Association during their Annual Holiday Party and Installation of Officers held on December 5th. Congratulation to Dave Maubach of the Bettendorf office, Scott Kelling of the Davenport I-74 office, and Herb Thompson of the Moline office.
Dave Maubach, REALTOR®
Dave Maubach was named REALTOR® of the Year Award for his exceptional real estate services. Dave started his career in real estate with Mel Foster Co. almost 20 years ago in 1995. He is licensed in Iowa & Illinois. He is a Member of the Quad City Area REALTOR® Association, Iowa Association of REALTORS®, Illinois Association of REALTORS®, the National Association of REALTORS® and the Quad Cities Builders & Remodelers Association. Dave is a current board member of the Quad City Area REALTOR® Association. He is a past board member of the Neighborhood Housing Services, mentor at Big Brothers Big Sisters and volunteered his time for Davenport Youth Baseball for many years.
Scott Kelling, REALTOR®
Scott Kelling received the prominent REALTOR® Emeritus Status by the National Association of REALTORS®. The REALTOR® Emeritus Status is for a REALTOR® with a cumulative period of 40 years in one or more local Association of REALTORS®.
Scott is licensed in Iowa with 40 years of real estate experience and all of those with Mel Foster Co. He received Mel Foster Co.’s Iowa REALTOR® of the Year in 2010. He is a Member of the Quad City REALTOR® Association, the Iowa Association of REALTORS®, the National Association of REALTORS®, Quad City Chamber of Commerce and American Political Science Association.
He earned his master Degree from Vanderbilt University and served on the City of Davenport Plan and Zoning Commission, was past Director of the Davenport Chamber of Commerce, past President of the Great Davenport Board of REALTORS®, and a veteran of the United States Army.
Herb Thompson, REALTOR®
Herb Thompson received the prominent REALTOR® Emeritus Status by the National Association of REALTORS®. The REALTOR® Emeritus Status is for a REALTOR® with a cumulative period of 40 years in one or more local Association of REALTORS®.
Herb has over 40 years of real estate experience, 26 years at Mel Foster Co., and is licensed in Illinois and Iowa. He is a Member of the Quad City REALTOR® Association, Illinois Association of REALTORS®, and the National Association of REALTORS®. Herb served as President of the Rock Island County Board of REALTORS® in 1986 and received REALTOR® of the Year award in 1987.
Since 1980, Herb has been a member of the Moline Rotary. He is a past Board member and past president of the YMCA, Salvation Army Board Member, High School Teacher and Coach for 22 years, and a Veteran of United States Air Force.
Vacation home sales are on the rise, with many people buying for a vacation home to use now and retire to later.
Second home buyers tend to be in their 40s and 50s, are still working, have children who are starting their own families and no obligations to care for aging parents. They are using their vacation home as a meeting place to gather everyone during holidays or other significant family holidays.
When the home isn’t being used, it generates rental income. In some locations, the rental fees can completely cover the mortgage, taxes and fees of homeownership, giving you a vacation home for free that can eventually become your second home in retirement.
Purchasing a vacation home where you’d eventually like to retire allows you to establish community ties for a smooth transition into retirement later. It’s also a great trial run. It gives you a glimpse into where you might want to spend your golden years before the time arrives and you have to make a firm commitment.
There are also financial benefits to owning a second home. First is the appreciation that will happen over time, especially if you purchase in a popular resort area. However even modest appreciation over time is acceptable given all the benefits of second home ownership.
Mel Foster Co.’s relocation division has connections to help you find a second home anywhere in the world. Contact a relocation specialist at 800-367-1134.
One of the smartest things you can do before buying a home is getting yourself pre-qualified. By getting pre-qualified, you’ll get an idea of what your mortgage might cost, ahead of time. This can help you prepare your budget, set your expectations and strengthen your confidence to negotiate when you’re ready to make an offer.
What is pre-qualification?
Pre-qualification gives you an estimate of what you could potentially borrow. It is based on information you give on your income, assets and credit. Many times a pre-qualification can be done online and is offered by many lenders at little to no cost. It is however just an estimation, and not a guarantee of any type of loan.
Why get pre-qualified?
Once you know how much of a monthly payment you are able to afford, and you’ve figured out a budget for yourself, a pre-qualification will allow you to estimate a loan option to fit your needs. You’ll also have a better idea of which homes you can afford during your search.
What documentation do I need in order to get pre-qualified?
You will need proof of income, this could include recent pay stubs, or W-2 statements from the past two years. You should also bring a copy of your tax return for the past two years, as well as proof of any alimony or additional income. You’ll also want to bring proof of your assets, including bank account statements to show you have the money for a potential down payment. Don’t forget your driver’s license and social security card, as the lender will need these to access your credit report.
Pre-qualification can help you be fully prepared to purchase that home you’ve been eyeing. You can get a head start by using the mortgage calculators to determine your monthly payment, figure out how much home you can afford and make a decision about renting versus buying.
You landed that new job in the Quad Cities, but now what do you do to find a home? Mel Foster Co. offers free relocation services that can help you explore neighborhoods, schools and cities that are a match for your criteria.
Your agent can help you pinpoint options that are near your new job or the amenities you most desire. Do you want riverfront? A large wooded property a few minutes from town? A renovated loft style condo without any yard work? The Quad Cities is such a diverse area, it’s easy to find a match, no matter how specific your needs seem.
Many of the area’s largest employers count on Mel Foster Co. relocation specialists to welcome new hires or transferees to the Quad Cities. Deere and Company, ALCOA and Thomson Prison employees have all used the free relocation services to get acquainted with their new town.
Getting started is easy. Click here for an overview of free relocation services or call 800-367-1134.
It’s important to select the right type of mortgage for your financial situation, but understanding your options can be difficult. Your Mel Foster Co. agent <link to find an agent> is your resource for proving information so you are able to make a knowledgeable decision regarding a mortgage. This quick list explains the top three most popular loan types.
1. Fixed-interest Mortgage
A fixed-interest mortgage is a type of loan that has a set interest rate. Most fixed mortgages are usually 10, 15, 20, or 30 years. The most common length of time is 30 years, as it provides the lowest monthly payment for homeowners. Keep in mind that most of the first few years of the payment are heavily focused on the interest that will be paid off, and very little actually goes towards the principal. You can determine your monthly payment for a fixed-interest mortgage with the Mel Foster Co. monthly payment calculator.
2. Adjustable-rate Mortgage
An adjustable-rate mortgage or ARM is a loan with a variable interest rate. The interest rate will change after a designated period of time, determined by the lender. As a borrower, you may benefit if the interest rate is lowered, but you will also be exposed to potentially higher interest rates. The interest rate will remain steady for an agreed upon time, and won’t change until the next adjustment period. These types of mortgages are easier to obtain in situations when a fixed-interest mortgage isn’t an option.
3. Interest-only Loan
An interest-only loan focuses on paying only the interest first. An example would be a 5-year fixed-30 mortgage. This means that for the first five years, you are only paying the interest, and not contributing any money towards the principal. The interest rate is fixed, but may change after five years. Once the five years is up, you begin to pay interest along with the principal cost. This will increase your payments significantly, even if the interest rate doesn’t change. This option is meant for someone who believes that they will earn more money in the future, or currently has their money tied up somewhere else. Just always remember to save your money for after the initial five years.
