The good news today is that with the tougher real estate market, the amount you can get for rent has increased significantly. Renters find that they are competing with each other to rent out a Oakdale home as their is a shortage of quality home rentals available today. Many home sellers are finding that they can more than cover the expenses for owning the home with the increased amount of rents.
The goal, of course, is to rent out the current home long enough to allow the real estate market to recover in terms of values. Hopefully within a few years the value of your rental home will rise sufficiently to sell it for enough to pay off the mortgage. The key to accomplishing this is to see if you will qualify for a new mortgage if you have rented out your current home.
Lenders have specific guidelines to follow for those Oakdale home sellers who have made the decision to rent out their house to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.
Once we meet to discuss your home's current market value it is critical that you go through the process of getting preapproved for mortgage financing on another home. Your mortgage lender can help you decide which of the options are best whether renting or selling your current house. The process of getting preapproved is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage banker will be able to analyze all of the options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.
Oakdale is a fine community in the Twin Cities area, and part of Washington County. As Minnesota's 32nd biggest community in terms of population, it is conveniently located just east of Saint Paul, Minnesota. The City of Oakdale, MN lies entirely within the North St. Paul-Maplewood-Oakdale school districts, but the students living in Oakdale, MN are generally split into 2 high schools, Tartan and North High. The famous World Headquarters of Imation is located near Oakdale and many residents are employed by nearby 3M.
If you want to talk about renting out your current home, please call or email me for more information.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.