How To Rent Out Your Lakeville Home To Move
Lakeville home sellers are challenged with the problem of owing more on
their home loans than what their property is worth in today's market.
The fact is that in order for you to sell your house in the MN real estate
market today you need to pay off the entire mortgage in order to sell
the home. Unless you want to arrange with your lender sell your home on
a short sale, this means you will bring money to the closing in order
to pay off the remaining balance that you owe. Many home sellers who
need to move now are considering the possibility of putting their
current home for rent in order to buy a new one.
The good news
today is that with the tougher housing market, rents have increased
significantly. Renters find that they are competing with each other to
rent out a Lakeville home as their is a shortage of quality 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 old home out long enough to allow the Lakeville 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
Lenders have specific guidelines to follow for
those Lakeville 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.
Get preapproved before listing your home for sale
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 lender can help you decide which of the options are best
whether renting or selling your current house. The process of mortgage
preapproval is is usually free and contains no loan obligation. 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.
Lakeville, MN Real Estate
If you are thinking about buying Lakeville real estate you will want to know that Lakeville, MN is one of the fastest growing suburbs of the Twin Cities. As a suburb of the Twin Cities metro in Dakota County
the population of Lakeville is now over 55,000 people according to the
2010 census. It seems there is always something to do in Lakeville, MN
because of its well established Parks and Rec Department. Minnesota first time home buyers will enjoy benefit if they qualify for the Dakota County First Time Home Buyers Program If you are going to be making a move to the southern metro now is a good time to check out Lakeville real estate.
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.