Stillwater rental homes will usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. Remember,however, there is a cost to this advantage , in that the amount of your rental payments will often times exceed those of a typical house payment these days. Additionally the rental deposit may well be in excess of the entry cost required for buying a Stillwater 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 rent payments helping to make the payments of your landlord.
The advantages may certainly be worth it, despite the high cost of renting, to rent if you will be moving again to a another city at the end when your lease expires. 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 benefits available to the MN first time home buyer today, this list of benefits is long. 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.
One of the more important factors in buying a home these days is to get preapproved for a loan. Some buyers leave this detail it to the very last minute partly because it is the least fun of the whole process. It is always important however, especially for the MN first time home buyer to get preapproved for a mortgage before beginning the search for a home. Please email me and I will help you with getting started with a Minnesota mortgage lender.
Stillwater, MN is located in Washington County and is a relaxing commute from Saint Paul. Tucked in by the St. Croix River Stillwater, MN is commonly referred to as Minnesota's birthplace. While many folks make a day-trip here to enjoy its historic features, there has also been growth in new housing on the outskirts of the city in recent decades. Whether you are looking for an older home or new, consider Stillwater a great place to call home. If you are thinking about buying Stillwater please call or email me to start your search.
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. I offer a totally free consultation, with no obligation and am eager to help.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.