Mel Foster Company – Page 9 – Mel Foster Co Blog

Winter Home Improvements Lead to Lower Utility Costs.

Posted on January 24, 2016

Save money on your utilities by tackling these smaller improvements this winter.

Appliances

January is a great month to buy appliances. Retailers are trying to move last year’s inventory before new models are introduced. For every energy-efficient appliance you add to your home, you’ll save anywhere from $50-$100 annually. Time your purchases right for deep discounts and save money on your utility bill. In addition to the cost savings, you’ll have reliable appliances you can depend on for many years.

Insulation

Make sure your insulation is in top shape, especially in the basement, attic and garage. Studies have found insulation purchases have over 100 percent price recuperation if you decide to sell your home. Not only will it add value to your home in the long run, your energy bills will be lowered almost immediately.

Landscaping

Winter months are the perfect time to start planning your outdoor designs. According to the Chicago Botanic Garden, in winter there is less chance of transmitting diseases from one plant to another or attracting insects to fresh pruning wounds. By planning your spring planting now, you’ll get a jump on your spring chores. By the summer, your pruned trees or new plantings will be shading your yard and padding your pocket in the form of lower utility costs.

Cut Your Taxes.

Posted on January 24, 2016

Tax time will be here before you know it. When filing your taxes, don’t forget about any home-related deductions you can take. Talk to a tax expert if you have questions.

Mortgage Interest Deduction

To obtain the mortgage interest deduction, your mortgage must be secured by your home. Interest you pay on a mortgage of up to $1 million, or $500,000 if you’re married filing separately, is deductible when you use the loan to buy, build, or improve your home in any way.

Prepaid Interest Deduction

Any interest you paid during the time of signing your mortgage is almost 100% deductible in the year you paid it, along with any other mortgage interest paid. If you refinance for a 10-year mortgage, paying $6,000 in interest, you can then deduct $600 per year.

Property Tax Deduction

When you pay your real estate property taxes, you can usually deduct these from your tax return. If you bought a house this year, check your HUD-1 settlement statement to see if you paid any property taxes when you closed on your home.

Is a Reverse Mortgage Right for You?

Posted on January 15, 2016

Reverse mortgages are a great way for senior homeowners to generate a steady flow of income, or receive an immediate lump sum for expenses, if you qualify and determine this is the right option for you.

A reverse mortgage works exactly how it sounds. The bank pays you an upfront lump sum, monthly distributions, a credit line or a combination of all three. The upside is you don’t have to pay back the interest accumulated on the loan during your lifetime, unless you move out of the house.

To qualify, you must be at least 62 years old and own, or nearly own, a house. You also have to make sure your house is in good condition and have no other outstanding loans. If you meet these criteria, a reverse mortgage might work for you.

Be sure to consider the entirety of costs involved in getting into the agreement. Interest is accumulated over the course of the agreement, and when you move or pass away, interest is owed to the bank. The interest is deducted from your estate.

If you’re planning on leaving a substantial amount of money from your estate to friends or relatives, consider how much is going to be deducted due to the reverse mortgage interest payment.

Ask a preferred mortgage lender at University of Iowa Community Credit Union (UICCU) about a reverse mortgage, or contact the trusted lender of your choice.

Sell your Home Now or in the Spring?

Posted on January 10, 2016

Many homeowners feel it’s a good idea to wait until the spring to sell their home. But once the busy holidays are over, it might be time to get your house ready to sell before competition heats up in the spring. Here are four appealing reasons you should consider listing soon.

Serious Buyers are Available

Homes are sold 365 days a year. People move into the area, expand their families or decide to downsize at all times of the year. There are always homebuyers looking for their dream home. And it might just be your listing.

Less Competition

There are typically more listings in the spring, so list your home in the winter to stand out in the crowd. By avoiding the tougher competition in the spring, your home is more likely to be visited by prospective buyers during showings, giving you more exposure than you’d receive in the spring.

Mortgage Rates are Still Low

If you’re interested in buying and selling property, you probably keep a close eye on mortgage rates. And noticed the recent uptick. Even with the recent increase, mortgage rates are still very low.

A Faster Transaction

Finally, the time required to close on a home will most likely be shorter in the winter. Inspectors have fewer appointments, attorneys have less work to do and mortgage lenders have fewer loans to process. You’ll most likely be able to have meetings on your schedule instead of theirs and get to closing faster. One of the most frustrating things as a seller is not getting answers or having to extend closing another 15 or 30 days. Winter gives you more control over the closing date and may save you from making an additional mortgage payment.

Looking for an agent to list your home this winter? Click here to find an agent or office near you.

Tips For Refinancing Your Mortgage.

Posted on December 29, 2015

Refinancing your mortgage creates a great opportunity to lower your interest rate, but don’t forget these other tips when refinancing.

Change your mortgage length

If you’ve recently come into a different financial situation, consider switching the length of your mortgage. If you started with a 30-year mortgage and have a stable financial situation, a 15-year mortgage will save you more money in the long run. You won’t be paying as much in interest, and you’ll build equity faster.

Switch to a Fixed Rate

Adjustable rates are tempting due to their lower introductory rates, but changing to a fixed rate may be better in the long term. Fixed rates offer stability, allowing you to manage your budget more accurately.

Consider a Cash-Out Refinance

Want a potentially lower interest rates plus extra cash? A cash-out mortgage refinance might be right for you. If you owe $80,000 on your $150,000 home, you can refinance the loan for $100,000 and receive a check for $20,000. Use this money for wise investments like home improvements, education, healthcare or investing. Otherwise, you might end up just taking on more debt.

Consolidate Two Mortgages

When refinancing mortgages, find out if it’s possible to consolidate any previous mortgages you have. When interest rates are low, it’s often possible to pay less under one mortgage than you were before. One mortgage rate is easier to manage than two, and you’ll be saving yourself money.

Talk to a lender at University of Iowa Community Credit Union (UICCU) or a qualified lender of your choice to review your refinancing options.

How To Compile A Home Inventory.

Posted on December 14, 2015

Take an inventory of your home belongings

Creating an inventory of your home’s contents is important, not only for insurance purposes, but also for creating peace of mind. It helps verify what items you own in case you suffer a loss due to fire, a natural disaster or burglary.

Make a list of all the items you own that are important to you. Electronics, jewelry, artwork, family heirlooms and furniture are items you want to insure. Once you have the list, add the serial numbers, brands and estimated costs for each item to show proof of ownership. It’s a good idea to take photos of your items to show their condition.

Once you’ve collected this information, store it in several safe locations. One copy of the information should be sent to your Mel Foster Insurance agent, another should be stored on your personal computer. It’s also important to have another version stored on a USB drive kept outside of your home or use cloud storage. The cloud is highly recommended because there are free services accessible from any computer.

You can never have too many copies of this information. Physical copies are also a great idea because they’re so reliable. Getting a safe-deposit box at your bank, or investing in a fireproof safe are perfect ways to protect your information in case you can’t access the information anywhere else.

Click here to contact a Mel Foster Insurance agent for help in getting your home inventory started.

Guide For Finding The Right Listing Agent.

Posted on November 30, 2015

You’re ready to sell your home. You want top dollar, a fast sale and a great real estate listing agent. The best way to find the right agent is to interview three and ask these questions.

How much will my house sell for?

The three agents should be fairly close in their estimates. Beware of an agent who is suggesting a price that seems high compared to the other two prices. This may be a ploy to get your listing and usually ends in disappointment.

How will you market my listing?

Mel Foster Co. agents have a wide range of marketing tools available including local and national online sites, an app and more traditional vehicles like newspapers, magazines and flyers. Choose the agent who you feel will do the most to market your home.

Do you have a specialty?

If you’re a millennial first time buyer, an agent who specializes in seniors may not be the right fit for you. Also ask what listings each agent has in your desired neighborhood.

What do you expect of me?

This is where you’ll get honest feedback about your home. A great agent will have no reservations telling you to do some paint touch up or have your carpets professionally cleaned. Your agent should offer staging ideas that will help your home attract more potential buyers. An agent who is sincerely interested in working hard on your behalf will have recommendations to get your home open house ready.

Click here to find an agent or office and get started with the listing process.

Three Things Your Agent Can’t Tell You

Posted on November 17, 2015

If you’re moving to a new town or even just across town to a new neighborhood, you may unintentionally ask your real estate agent questions that legally he or she cannot answer. Fair housing laws restrict your agent from answering what may seem like honest questions. But your agent can guide you to resources where you can gather the data you are seeking.

Is this a good neighborhood?

Seems like a pretty basic question, but the classification of “good” could mean a host of things. Is it a question about crime, walkability or proximity to amenities? If crime is your key concern, the web is filled with comparative sites that allow you to look at two cities side by side and form your own opinion.

Are the schools good?

There are a number of independent websites where you can find rankings, test scores, graduation rates and other academic benchmarks. For each major city served by Mel Foster Co., a link is available with additional listings for public and private schools. Click here to link to the communities page.

Is it cheaper to live in Iowa or Illinois?

This is a much more complex question that is best answered by your income tax advisor who is familiar with your situation. Click here for broad information about both states and specific communities.

Mel Foster Co. App Makes Home Searching Easier

Posted on November 12, 2015

Find homes with the Foster Finder — Mel Foster App

Mel Foster Co. and HomeSpotter are pleased to announce an exciting new app update with enhancements to make home searching easier.

The Mel Foster Co. App – powered by HomeSpotter – is a home search app available for iPhone, iPad, and Android phones and tablets. This app features full MLS listing details, high-resolution photos, an interactive mortgage calculator, a GPS locator and an augmented reality feature to view nearby homes in real time.

The updated app features INRIX Drive TimeTM. This allows users to find homes by their preferred commute time to any address, taking the guesswork out of purchasing a new home. Can’t remember the exact address or MLS number you’re looking for? After typing the first few numbers, new auto-complete features makes smart suggestions. Interested in a particular city or zip code? The new bounded-search places outlines on the map and shows you only listings within the particular area.

“We are thrilled to offer our clients and app users an update to make home searching more convenient and a better user experience.” said Kris Ratigan, Director of Corporate Marketing at Mel Foster Co. The app still integrates with their website, www.melfosterco.com. Saved properties from the smartphone app, tablet app and website are automatically synced so users always have access to their most recently saved properties.

The Mel Foster Co. app continues to offer a feature they call “Foster Finder.” Foster Finder shows results for Mel Foster and all listing companies. Foster Finder uses a technology called augmented reality that is coupled with a smartphone or tablet’s GPS and compass to overlay property information on a device’s live camera feed. Simply use your smartphone or tablet to find all homes for sale on the street where you are standing. With a quick tap, a view of the entire street and all homes for sale pop up. There is also a radar display that shows the direction and proximity of nearby properties for sale.

“We are always looking for ways to improve our search experience,” Aaron Kardell, CEO of HomeSpotter, said. “We are pleased to offer these enhancements for the Mel Foster Co. app.”

The app is free and available from the Apple App Store and Google Play Market.

Hosting Blood Drive

Posted on November 5, 2015

Mel Foster Co. is proud to host a Community Blood Drive on Thursday, November 19^th at their Elmore Office Park location at 3211 East 35^th Street Court, Davenport, inside the MVRBC Donor Bus. The blood drive will be held 10:00 a.m. to 1:00 p.m.

To donate, please contact Amy at 563.823.2265 or visit www.bloodcenterimpact.org and use code 3063 to locate the drive and schedule an appointment.

Donor Eligibility Criteria: Potential donors must be at least 17 years of age (16 with parental permission form available through www.bloodcenter.org) and weigh more than 110 pounds. A photo I.D. or MVRBC Donor Card is required to donate. For questions about eligibility, please call the Mississippi Valley Regional Blood Center at 800.747.5401. Donors who last gave blood on or before 9/24/15 are eligible to give at this drive.

About Blood Donation: Blood donation is a safe, simple procedure that takes about 45 minutes to one hour. Individuals with diabetes or controlled high blood pressure may be accepted as eligible donors.