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Rob Phyle's Blog

By Rob Phyle | Agent in Apple Valley, MN
  • Renting Out Your Burnsville Home To Buy Another

    Posted Under: General Area in Burnsville, Home Buying in Burnsville, Financing in Burnsville  |  November 12, 2011 9:04 AM  |  686 views  |  No comments


    Many Burnsville 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 to sell your property in the
    market today you need to pay off the entire mortgage in order to sell the home. Unless you want to arrange a short sale with your mortgage lender, this means you will bring money to the closing in order to pay off the remaining balance that you owe. As a result many home sellers in Burnsville who want to move are considering the possibility of renting out their current home in order to buy a new one.


    Burnsville Home Sellers: Can You Cover Your Expenses?

    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 Burnsville home as their is a shortage of quality 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 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 Burnsville home 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 your home's current market value it is critical that you go through the process of getting prequalified for a home loan. Your mortgage lender can help you decide whether you should rent out or sell your current house. The process of getting preapproved is free, and if you decide not to proceed, there is no obligation to borrow money. 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.

    As the 6th largest community in the Twin Cities metropolitan area, Burnsville, MN is a popular bedroom community to both Saint Paul and Minneapolis. While experiencing an explosion in population from 1970 through 2000 to over 60,000 residents, Burnsville is now pretty much built-out and its population has stabilized over the past ten years. Large employers in Burnsville include the Burnsville School District, Fairview Ridges Hospital, and Pepsi Cola but most homeowners work in the Twin Cities. Burnsville has plenty of homes for sale both for the Minnesota first time home buyer as well as the move up buyer.

    If you want to talk about renting out your current home, please call or email me for more information.

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    http://www.facebook.com/robphylerealestate.com
    Visit my website to find Minnesota homes for sale

  • Information On Buying a Home In Burnsville

    Posted Under: General Area in Burnsville, Home Buying in Burnsville, Financing in Burnsville  |  September 14, 2011 12:57 PM  |  305 views  |  No comments

    Would you want to learn something about how to buy a home in Burnsville? The answers to how to buy a home can be confusing for many home buyers, especially if you are a MN first time home buyer. Since the process can be a bit complicated I would like to share with you some basic tips of how best to accomplish your goal.

    How To Buy A home in Burnsville

    Most Minnesota home buyers start their search for the perfect home on the internet. There are many internet sites to begin this but a good location for you to start is to use the MLS search engine on my website. There are thousands of real estate sites out there but you will soon find that many lack all of the important details when searching for a home. The large national websites, for example, do not show the county property taxes for each home which is one of the most critical factors when estimating what your monthly payments will be.

    Search for a home in Burnsville on my website

    When you search for homes in Burnsville on my website you will find all of the property listings from all of the real estate companies. Because I am part of the Multiple Listing Service (MLS), my property website will offer you complete details from every company. Additionally I can set up a specific search for you so that I can email listings in your price range as they come available.

    Get Preapproved To Buy A home in Burnsville

    How will you know what kind of price range you should be searching for? In order to know what kind of monthly payments you will have for a home in Burnsville you will need to get preapproved for mortgage financing. Getting through the preapproval process is the critical first step for how to buy a home in Burnsville Since there is no cost or obligation when you get prequalified by one of our local MN mortgage lenders, you should do this right away so that you can clear any roadblocks there might be in the process of getting a home loan.

    Let's go look at homes!

    After you have been preapproved by a Minnesota mortgage lender I will take you to available listings in your price range. I generally recommend that we look through at least fifteen or more before you make your offer to buy one. By searching extensively you will get educated on homes that are a good value to buy. When a home comes available meeting your needs you should be ready to make your offer since properties now sell fast.

    After the purchase agreement, and before closing

    Once you have made your offer it normally takes about 30 to 45 days before closing. Throughout this time your lender will collect all of your documentation they need from you to complete your loan approval. Additionally they will order an appraisal on the home to estimate the value based on the sale of other homes. They will also order a title policy to make sure you will get clean title to the home upon purchase.

    Closing on your home

    After your loan has been fully approved you will be ready for closing on your home in Burnsville. At the loan closing everyone gets together to sign documentation, exchange funds, and to give up property keys and welcome you to your new home. Once you’ve closed on your home you will now be a homeowner!

    As the sixth largest city in the Twin Cities area, Burnsville, MN is an excellent bedroom community to both St. Paul, Minneapolis, and neighboring suburbs. While experiencing a population explosion from 1970 through 2000 tripling in size to just over 60,000, Burnsville is now pretty much built-out and its population has stabilized over the past ten years. Larger employers in the community include Independent School District 191, Fairview Ridges Hospital, as well as Pepsi Cola but most residents work in the Twin Cities or surrounding suburbs. Burnsville, MN has homes for sale for both for the Minnesota first time buyer as well as the move up buyer.

    Do you want to start talking about the process of looking for homes? Just give me a call or send me an email and I am glad to help you begin your search for a home in Burnsville!

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • Burnsville Home Sales: Meeting The Challenge

    Posted Under: General Area in Burnsville, Home Selling in Burnsville, Financing in Burnsville  |  September 8, 2011 10:41 AM  |  302 views  |  No comments

    If you are selling a home in Burnsville today you will find it can be quite a challenge, especially with all the competition from nearby foreclosures and short sales. Real estate values have been declining in part because of the low sales prices offered by banks who need to unload their inventory of their real estate owned. About half of the sales in today's Minnesota real estate market has come from traditional home sellers. Are you searching for help to sell your home listing in Burnsville?

    It has never been more important to enlist the help of a Burnsville real estate agent who understands recent trends in market values. When we visit your home to complete a market analysis, we will compare your home to all of the recent sales in your neighborhood. We need to look at all of the properties that have sold within the past few months to see what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your house within a reasonable period of time.

    The big challenge for many home sellers today is trying to get enough for their home to pay off the existing mortgages on their home. If a seller owes more on their mortgages than what the can sell it for we will either need to talk about paying the mortgages down, attempting a short sale, or listing the current home for rent and in order to move to another home. With rising rents in the market home sellers are quite often finding that they can cover all of the expenses for the home through their renter's income.

    Do lenders count the rental income on my old house?

    Lenders have specific guidelines for those Burnsville 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.

    Getting preapproved for a mortgage

    Once we meet to discuss your home's current market value it is critical 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 selling or renting out your current home. The process of mortgage preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage lender will be able to analyze all of the financing options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.

    As the sixth largest city in the Twin Cities area, Burnsville, MN is an excellent bedroom community to both Minneapolis and St. Paul. While experiencing a population explosion from 1970 through 2000 tripling in size to just over 60,000, Burnsville is now pretty much built-out and its population has stabilized over the past ten years. Large employers in Burnsville include the Burnsville School District, Fairview Ridges Hospital, and Pepsi Cola but most homeowners work in the Twin Cities. Burnsville, MN has homes for sale for both for the Minnesota first time buyer as well as the move up buyer.

    The Call Is Free

    If you think you want to learn more about the process of selling your Burnsville home call me. I will create a competitive market analysis for free. We will discuss all of the options available in the market today. Feel free to send me an email or give me a quick call.

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • Burnsville Home Sales: Meeting The Challenge

    Posted Under: General Area in Burnsville, Home Selling in Burnsville, Financing in Burnsville  |  September 8, 2011 10:37 AM  |  255 views  |  No comments

    If you are selling a home in Burnsville today you will find it can be quite a challenge, especially with all the competition from nearby foreclosures and short sales. Real estate values have been declining in part because of the low sales prices offered by banks who need to unload their inventory of their real estate owned. About half of the sales in today's Minnesota real estate market has come from traditional home sellers. Are you searching for help to sell your home listing in Burnsville?

    It has never been more important to enlist the help of a Burnsville real estate agent who understands recent trends in market values. When we visit your home to complete a market analysis, we will compare your home to all of the recent sales in your neighborhood. We need to look at all of the properties that have sold within the past few months to see what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your house within a reasonable period of time.

    The big challenge for many home sellers today is trying to get enough for their home to pay off the existing mortgages on their home. If a seller owes more on their mortgages than what the can sell it for we will either need to talk about paying the mortgages down, attempting a short sale, or listing the current home for rent and in order to move to another home. With rising rents in the market home sellers are quite often finding that they can cover all of the expenses for the home through their renter's income.

    Do lenders count the rental income on my old house?

    Lenders have specific guidelines for those Burnsville 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.

    Getting preapproved for a mortgage

    Once we meet to discuss your home's current market value it is critical 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 selling or renting out your current home. The process of mortgage preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage lender will be able to analyze all of the financing options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.

    As the sixth largest city in the Twin Cities area, Burnsville, MN is an excellent bedroom community to both Minneapolis and St. Paul. While experiencing a population explosion from 1970 through 2000 tripling in size to just over 60,000, Burnsville is now pretty much built-out and its population has stabilized over the past ten years. Large employers in Burnsville include the Burnsville School District, Fairview Ridges Hospital, and Pepsi Cola but most homeowners work in the Twin Cities. Burnsville, MN has homes for sale for both for the Minnesota first time buyer as well as the move up buyer.

    The Call Is Free

    If you think you want to learn more about the process of selling your Burnsville home call me. I will create a competitive market analysis for free. We will discuss all of the options available in the market today. Feel free to send me an email or give me a quick call.

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • Looking For Burnsville Rental homes?

    Posted Under: General Area in Burnsville, Home Buying in Burnsville, Financing in Burnsville  |  August 17, 2011 7:01 AM  |  264 views  |  No comments

    Burnsville Rental homes: Should I Rent One Or Buy?

    If you are looking for Burnsville rental homes, hold on for a moment and consider the differences between renting homes versus owning. Since it is more expensive today to rent homes than to buy one isn’t it at least worth it to consider saving some money by buying Minnesota real estate?

    Burnsville Rental homes: Is It Worth The Cost of Renting?

    Burnsville rental homes, of course, typically have the advantage that you can get be released of a lease arrangement in about one year's time. Remember,however, there is a cost to this advantage , in that your rent payments will often times exceed those of a house payment. Additionally the rental deposit may well be in excess of the entry cost required for buying a home when considering all of the down payment assistance programs available for MN first time home buyers. Finally, perhaps the highest cost in renting a homes is the fact that you are helping someone else buy their home with your rental payments helping make THEIR house payments.

    Benefits To Look For Burnsville Rental Burnsville

    Still, the advantages of renting may be worth it to rent if you are planning on moving again to a different city at the end of your lease. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.

    Benefits To Buying Burnsville homes for the First Time Home Buyer

    With all of the great benefits available to the MN first time home buyer today, it is hard to know where to start in terms of benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.

    First Step: Get Preapproved For Mortgage Financing

    One of the most important factors in searching for a home is to get preapproved for mortgage financing. Some buyers leave this detail it to the very last minute partly because it is the least fun of the whole process. It is very important, especially for the MN first time home buyer to get preapproved for financing before buying a home. Please call or email me and I will help you get started in the process with a Minnesota mortgage banker.

    As the 6th largest community in the Twin Cities metropolitan area, Burnsville, MN is a popular bedroom community to both St. Paul, Minneapolis, and neighboring suburbs. While experiencing an explosion in population from 1970 through 2000 to over 60,000 residents, Burnsville is now fairly well built-out and its total population has stabilized over the past ten years according the 2010 census. Large employers in the city include Independent School District 191, Fairview Ridges Hospital, and Pepsi Cola but most residents work in the Twin Cities or surrounding suburbs. Burnsville, MN has homes for sale for both for the Minnesota first time home buyer as well as the move up buyer.

    If you have not yet considered buying a home I would definitely like to talk with you about the benefits of both renting versus buying. I encourage you to take the first step which is to email or call me.


    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • Burnsville VA Loans: Buying Real Estate

    Posted Under: General Area in Burnsville, Home Buying in Burnsville, Financing in Burnsville  |  August 15, 2011 8:08 AM  |  250 views  |  No comments

    Benefits of Burnsville VA Loans

    One increasingly common financing option in Burnsville for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of financing has increased nationally by about 20% over the last couple of years due in part to the increasing number of our Minnesota veterans returning from the service. Additionally with the loss of other options for zero down payment loans in Minnesota, the VA offers a benefit that offers eligible buyers a unique opportunity to buy their home with no down payment.

    Burnsville VA Mortgages: Not Just For The First Time Buyer

    Many veteran home buyers misunderstand the fact that they may use their VA eligibility benefit more than once. As a result veterans do not necessarily need to be a first time buyer in order to use their VA benefit. This can be a great solution for current homeowners who want to sell their existing home to buy another but who don't have a lot of equity in their home. Since they will be able buy their next home with no down payment with a Minnesota VA loan they can more easily sell their home despite receiving no proceeds from the sale.

    First Step for Burnsville Vets: Determining Eligibility

    Veterans must first determine 2 things to see if they will be eligible for a VA mortgage. First they ought to see if they will be eligible for a Certificate of Eligibility through the Veteran's Administration. They can apply for the Certificate online or even just through their Minnesota mortgage broker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online

    Please note that the Certificate of Eligibility offers a guarantee to the lender which will pay off some of the losses to the lender if the home goes into foreclosure. The VA Funding Fee is the guaranty fee paid by the veteran which is commonly financed within the mortgage loan. The VA funding fee is waived by the VA for those veterans who have experienced service related disabilities.

    The second thing a Burnsville veteran should determine is if they can get prequalified for a VA loan. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Burnsville homes. When you go through the preapproval process the banker will review your credit, income, assets, and debts to determine if you meet the VA’s requirements for financing. This critical first step is usually free and requires no commitment on the part of the veteran. In fact, many mortgage lenders offering VA loans will do this right over the phone.

    As the sixth largest city in the Twin Cities area, Burnsville, MN is an excellent bedroom community to both Saint Paul and Minneapolis. While experiencing a population explosion from 1970 through 2000 tripling in size to just over 60,000, Burnsville is now fully built and the population has stabilized over the past decade. Large employers in Burnsville include the Burnsville School District, Fairview Ridges Hospital, and Pepsi Cola but most residents work in the Twin Cities or surrounding suburbs. Burnsville has plenty of homes for sale both for the Minnesota first time home buyer as well as the move up buyer.

    Burnsville Veterans: Are You Ready To Buy A Home?

    If you want to buy a home in Burnsville using VA financing feel free to give me a call or send me a quick email. Whether you have a home to sell or are ready to buy your first, Burnsville VA loans are a great way to buy a home in today’s market. With interest rates at record lows combined with reduced property values many veterans have found that it is cheaper to buy than to rent!


    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
  • Burnsville First Time Home Buyers: Avoiding Major Mistakes

    Posted Under: General Area in Burnsville, Home Buying in Burnsville, Financing in Burnsville  |  August 9, 2011 8:02 AM  |  225 views  |  No comments

    Are you beginning to plan to buy your own home in Burnsville, Minnesota? There are a few things that I would like to share with you about Burnsville real estate to help make sure that you avoid some of the biggest mistakes many first time home buyers make. With some very basic preparation you can avoid some of the most painful pitfalls.

    Tips for Minnesota First Time Home Buyers

    1) Get preapproved for your home loan first! I have met far too many first time buyers who find a home first, only to find out they do not yet qualify for financing. It can be an extraordinarily painful experience to go through the work of finding the ideal home only to find out you are not yet ready to qualify for a home loan. You can get prequalfied with my preferred MN mortgage lender even during the evenings or on weekends, and generally right over the phone. There is no cost and no obligation so why not start the process immediately?

    2) Get educated about the whole process of buying a home. You can learn a great deal at a first time home buyer seminar or at a Home Stretch Worshop available through many communities around the Twin Cities. There is so much to know about the home buying process that it is well worth it to learn as much about it as you can…and as early as you can.

    3) Get a home inspection on the house you are planning to buy. While a home inspection is not required it can sometimes reveal major potential problems in the home before you are fully committed to the purchase. I will help you negotiate a transaction with a contingency upon a professional home inspection that is satisfactory to you so that if it comes back bad, you can back out of the transaction. Some first time buyers will skip buying the house inspection because of the $300 to $500 cost of the inspection. The inspection cost is cheap when compared to making a purchase of a home that later reveals multiple problems.

    4) Take good care of your credit after preapproval for mortgage financing. After you have received your preapproval for a home loan your lender still might need to check your credit again. Make your payments on time and do not open up new debts. You should avoid additional credit inquiries after your preapproval to avoid a reduction to your credit score.

    5) Don't spend your down payment money before closing. Your mortgage banker will give you a good faith estimate at loan application showing how much money you will need at closing. Just save your money so that you're not caught in a bind on the day of closing.

    As the sixth largest city in the Twin Cities metropolitan area, Burnsville is a popular bedroom community to both Minneapolis and St. Paul. While experiencing a population explosion from 1970 through 2000 tripling in size to just over 60,000, Burnsville is now fully built and the population has stabilized over the past decade. Larger employers in the community include Independent School District 191, Fairview Ridges Hospital, as well as Pepsi Cola but most residents work in the Twin Cities or surrounding suburbs. Burnsville has a wide variety of real estate for sale both for the Minnesota first time buyer as well as the move up buyer.

    The First Step: Get Preapproved!

    For many MN first time home buyers the intimidating question is where do I start? Your very first step to home ownership is to get prequalified for a home loan. In so doing you will find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.

    Robert Phyle,CSP,GRI,RSA
    Broker Associate, Realtor
    Coldwell Banker Burnet
    rlphyle@cbburnet.com
    Cell 612-801-4657
    Direct 952-997-1955
    Fax 952-432-8372
    7741 147th St W.
    Apple Valley, MN 55124
    www.facebook.com/robphylerealestate
    Visit my website to find Minnesota homes for sale
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