The good news today is that with the tougher mortgage market, the amount you can get for rent has increased significantly. Renters find that they are competing with each other to rent out a Eden Prairie 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 retaining the home with these higher rents available.
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 guidelines for the Eden Prairie 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 meet to discuss your home's current market value it is critical that you go through the process of getting prequalified for a home 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 preapproval is generally 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.
Located just 12 miles southwest of downtown Minneapolis, Eden Prairie is a popular bedroom community to the Twin Cities. With a population over sixty thousand, the community has tripled in size since the 1980 census. Local business such as Digital River, Super Value and CH Robinson are headquartered here. Eden Prairie has consistently been listed in Money Magazines "Best Places to Live" in America over the past 5 years With low mortgage rates and plenty of affordable housing, this is a popular place for MN first time homebuyers and move up buyers alike. If you're looking to buy or sell a home in Eden Prairie please give me a call or send me an email.
If you want to talk about renting out your current home, please take a moment to call or email me for more information.
Sales Executive, Licensed Realtor in MinnesotaÂ
Century 21 Premier GroupÂ
1660 S. Highway 100, Suite #578
St. Louis Park, MNÂ 55416
With a focus on Twin Cities real estate and surrounding communities.