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.
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.
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.
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. 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.
Mel Foster Co. is proud to host a Community Blood Drive on Thursday, November 19th at their Elmore Office Park location at 3211 East 35th 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.
It won’t be long before the seasons change and the first snow falls. If you have plans to sell your home this winter, now is the time to get yard work and home exterior projects completed. This checklist can be knocked out over a weekend and you’ll be glad to have these small tasks done so your home shows better in the winter.
Pressure washing
The fastest way to clean a huge surface area is with a pressure washer. Wash your home’s exterior, remembering to get the soffits and gutters. Your patio is probably also due for a good cleaning. While you have the pressure washer handy, spray down your patio furniture and cushions so they are clean and ready to be stored for the winter.
Paint Touch Ups
Grab a brush and walk around your home touching up chips and nicks. Once it gets cold outside, you’ll miss your opportunity to paint.
Check Lights
Replace burned out light bulbs and check your landscaping lights. If your light fixtures are dated or worn out, replace them now when it’s easier to complete ladder tasks.
Junk Piles
Every inch of your property will be under scrutiny once your home is listed for sale. That junk pile hidden behind the shed will be in plain sight to prospective homebuyers. Store or toss out the random items in your yard and remember how messy your yard will look if your junk pile is covered in snow.
Landscaping
The first frost is just around the corner marking the end of the growing season. If you typically wait until spring to pull out plants and cut down grasses, consider doing that work now so your beds and borders are bare. The snow will pile up in these areas uniformly, giving your yard a more clean appearance. Spent grasses and perennials poking out of the snow makes homebuyers think ahead to the clean up work that’s been left for them.
Grab a sunny fall weekend to get your home ready for a winter sale.
Buying a home may seem like an overwhelming task, but relying on the expertise of a real estate agent can make the process a breeze. Here are the top three benefits of using an agent:
Buying a home may seem like an overwhelming task, but relying on the expertise of a real estate agent can make the process a breeze. Here are the top three benefits of using an agent:
1. Agents can help you manage all the paperwork.
Each state has different required contracts for a sale, which are constantly changing. A real estate agent is able to help guide you through the paperwork and make sure everything is done correctly.
2. Agents have experience negotiating with sellers.
If you’re buying a home, you want to pay the lowest price. Your agent can help you determine your monthly mortgage and insurance cost and help you write an offer that’s within your budget. Having a real estate agent negotiating with sellers on your behalf removes some of the stress of this part of the transaction.
3. Agents know what is happening in the housing market.
Real estate agents pay close attention to the housing market. They’ll be able to tell you about recent trends in the market, provide information about comparable home prices and give you referrals to resources like lenders, movers and home warranty providers. This is incredibly valuable information to have when looking for a home. The more information you have, the more confident you’ll be making decisions that affect you and your family.
You wouldn’t replace the engine in your car without a mechanic, why would you buy a home without a real estate agent?
The question of should I rent or buy a home has been around forever. With rent prices rising, now is the perfect time to reconsider your housing options and figure out if owning is cheaper than renting.
The first thing you need to decide is how long you’re planning on living somewhere. If you only intend to stay for a year, renting is usually the better option. Renting has upfront costs that are lower than a down payment to buy a house and you often receive this money back when you’re finished renting. Buying a home requires a down payment, which is a certain percentage of the sale price or home’s value.
Also be sure to consider the benefit of stable monthly costs with a mortgage vs renting. Keep in mind with a mortgage, you can have the monthly cost fixed and it will be consistent until you have paid off the amount due. Often landlords will raise rents at the beginning of each year. This may be a small percentage raise, to hundreds of dollars added to what you initially thought you were going to pay.
If you are still wondering whether you should rent or buy, check out Mel Foster Co.’s rent vs. buy calculator. You can enter the price of the home with your expected interest rate and find out what your monthly payment will be. You can compare this to your monthly rent payment, and determine if buying a home would be a better solution for you.
The Mel Foster Co. Color the Quads committee is pleased to announce the charity recipients for the fourth and final Color the Quads race to be held on Saturday, May 21, 2016. The 2016 charities are Jordan’s Joy, NAMI (National Alliance for Mental Illness) Greater Mississippi Valley, and YMCA for Camp Abe Lincoln and Youth Solutions Programs. In 2015, the Color the Quads event raised over $73,000 that was distributed to local charities, 3 main charities and 13 other charities, and a similar goal is in place for fundraising in 2016.
Michelle McMullen with Jordan’s Joy said, “Jordan’s Joy is extremely honored to have been selected as a 2016 Color the Quads charity recipient. Jordan’s Joy supports families battling life-threatening illness or facing life-altering events by filling funding gaps for comfort items, meals, gas cards, or medical bills that are not traditionally covered by other charitable sources. We are thrilled to be involved in one of the area’s premier events and look forward to our partnership in 2016!”
“We are grateful that Mel Foster agents and employees continue to support NAMI outreach efforts. Funds raised through Color the Quads will be used to bring even more education to Quad Cities families to effectively support a loved one living with a serious mental health condition,” said Michael Freda, board president, NAMI Greater Mississippi Valley.
“Our community and our YMCA is made healthier and stronger by the volunteers who bring together great people with events like Color The Quads,” said YMCA CEO Brad Martell. “Color The Quads helps more kids, families, adults and seniors have access to healthy programs at the Y.”
Lynsey Engels, president of Mel Foster Co. Brokerage Division and Color the Quads committee chair, said, “We are thrilled to partner with three amazing charities on this colorful community event. We look forward to giving the participants another fun filled day with an exciting race course for 2016!”
The 2016 Color the Quads 5K will take place on Saturday, May 21 near Cumberland Square at 2300 Spruce Hills Drive, Bettendorf, Iowa. Registration fees and sign up date will be announced before the end of this year. Stay tuned at www.colorthequads.com for more information.
About Mel Foster Co. Inc.
Mel Foster Co. is a recognized leader for real estate and insurance. Mel Foster Co. Real Estate specializes in residential sales and offers services for a broader spectrum of property transactions including commercial, farm and land, land development and management, relocation and new construction. Founded in 1921, it is one of Iowa’s largest independently owned real estate companies. Mel Foster Insurance was founded in 1932 and represents over 25 insurance carriers and offers coverage for residential and commercial clients.
About Jordan’s Joy
Jordan’s Joy was established in memory of Jordan Schmidt. Jordan was a true hero that passed away at the age of 15 from a rare and aggressive form of cancer. Though he faced tough battles, his spirit and positive attitude never wavered, and he was an inspiration to all that knew him. The purpose of Jordan’s Joy is to fill the void that a Quad City family may have while battling life-threatening illnesses that cannot be met by other charitable organizations. 100% of the funds raised by Jordan’s Joy stay in the Quad Cities and go to local families, as all operating expenses are donated by a local business.
About NAMI Greater Mississippi Valley
One in 10 children and one in four adults experience a serious mental health condition in any given year. This grassroots organization is an affiliate of the National Alliance on Mental Illness, providing support, education and advocacy to individuals and families living with mental illness. It serves residents in Muscatine, Clinton, Scott Counties in Iowa and Mercer, Henry, Rock Island Counties in Illinois.
About the Scott County Family Y
The Scott County Family Y has been serving Eastern Iowa since 1858. We build a stronger community through Youth Development, Healthy Living, and Social Responsibility. Today, we serve 1 out of 3 people in Scott County.
