The good news today is that with the tougher real estate market, rents have increased significantly. Renters find that they are competing with each other to rent out a Stillwater 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 the current home out long enough to allow the Minnesota 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 guidelines for the Stillwater sellers who will rent out their home 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 have a chance to meet to discuss the value of your current home it is important that you go through the process of getting preapproved for mortgage financing on another home. Your mortgage broker can help you decide whether you should rent out or sell your current house. The process of getting preapproved is is usually free and contains no loan obligation. A good mortgage lender will be able to analyze all of the financing options available to you such as MN FHA loans, VA, conventional, or other types of loans.
Stillwater, MN is located in Washington County and is a relaxing commute from Saint Paul. Situated within the St. Croix River bluffs, Stillwater is often referred to as the birthplace of Minnesota. While many folks make a day-trip here to enjoy its historic features, there has also been a fair amount of new construction growth on the outskirts of the city in recent decades. No matter what type of real estate you are looking for, you will find Stillwater, MN a great place to call home. If you want to learn more about buying Stillwater please call or email me to start your search.
If you are considering renting out your current home, please email me for more information.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.