If you are in the hunt for Saint Paul rental homes, letâ€™s pause for a minute and consider the difference between renting homes versus buying.Â Since it is more expensive today to rent homes than to buy one isnâ€™t it at least worth it to consider saving some money by buying a home?
Saint Paul rental homes will have the advantage that you can get out of the lease contract in 12 months. This advantage comes at a cost, however, , in that the amount of your rental payments will often times exceed those of a typical house payment these days. Additionally the security deposit may well be in excess of the necessary down payment cost required for buying a Saint Paul homes after considering all of the down payment assistance programs available for 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.
The advantages may certainly be worth it, despite the high cost of renting, to rent if you have plans on moving again 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.
With all of the programs available to the MN first time home buyer today, it is hard to know where to start in terms of listing the benefits. The now offers special loan programs through its 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.
The first step in the process of buying a home s to get preapproved for your home loan. This means that you meet with a local mortgage lender who will review your credit, income, etc. In doing so they can tell you what types of Minnesota first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will even do this with you when you are off from work.
As both the capitol of Minnesota and the county seat of living in the city of filled with things to do. Popular attractions such as the Xcel Energy Center and the make St. Paul a popular destination for both its residents as well as those living in surrounding suburbs. Employment opportunities abound in St. Paul with major employers such as Ecolab, Lawson Software, Gander Mountain, and nearby 3M. St. Paul housing can be especially affordable for first time home buyers through the Ramsey County's First Home program. Residents enjoy popular regional events such as the Fair and the St. Paul Winter Carnival. If you thinking of buying or selling a home in St. Paul please send me and email or give me a call as I'd love to help you accomplish your goal.
If you have not yet considered buying a homes I would like the opportunity to talk with you about the benefits of both renting versus buying a home. I encourage you to take the first step which is to email or call me.