The good news today is that with the tougher real estate market, rents have gone up significantly. Renters find that they are competing with each other to rent out your home as their is a real shortage of rentals available today. Many home sellers in this position 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 Cottage Grove 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 Cottage Grove 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 the value of your old home it is critical that you go through the process of getting preapproved for a mortgage loan. Your mortgage broker can help you decide which of the options are best whether renting or selling your current house. The process of mortgage preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good lender will be able to examine all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.
Conveniently located just 8 miles south of Saint Paul, the city of Cottage Grove offers all the best of suburban living along with the benefits of the Twin Cities. With a population measured in the 2010 census at just over 34,000 Cottage Grove offers a wide array of affordable suburban housing. Cottage Grove high school students attend one of the four high schools, Woodbury High, East Ridge High, Alternative Learning Center, or Park High School. If you have students in middle school they would attend either Cottage Grove Middle School, Lake Middle School, Oltman MS, or Woodbury Middle School. There are recreational opportunities available for all ages with an well-planned Park and Rec department. If you're interested in buying Cottage Grove please give me a call to get out looking.
If you are considering renting out your current home, please 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.