The good news today is that with the tougher real estate market, the amount you can get for rent has increased significantly. It is not uncommon to find renters competing with each other to rent out your home as their is a shortage of quality home rentals available today. Many home sellers in this position are finding that they can more than cover the expenses for retaining the home with these increased rents.
The goal, of course, is to rent the old home out 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 North Saint Paul home sellers who have decided rent out their home in order 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 a mortgage loan. Your MN mortgage lender can help you discover which of the options are best whether renting or selling your current house. The process of getting preapproved is generally free and contains no loan obligation. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, VA, conventional, or other types of loans.
The City of North Saint Paul is one of the older suburbs in the Twin Cities with well developed neighborhoods and lovely tree lined streets. Located east of Saint Paul, MN, North Saint Paul is located within the boundaries Ramsey County. With a little over 11,000 residents living in North Saint Paul is a little like living in a small town, but has all the benefits of the Twin Cities. With an ample supply of affordable housing, the city of North Saint Paul can be an ideal location for the MN first time home buyer. If you are planning to buy or sell North Saint Paul real estate I would value the opportunity of discuss it with you!
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.