How To Rent Out Your Inver Grove Heights Home

Many Inver Grove Heights home sellers are challenged with the unfortunate problem of owing more on their home than what they can sell it for. The fact is that in order to sell your home in this market you need to be able to pay off your entire mortgage loan in order to sell it. Unless you want to arrange a "short sale" with your mortgage lender, this means you will have to bring money to the closing table to pay off the remaining mortgage owed. As a result many home sellers in Inver Grove Heights who want to move are considering the possibility of renting out their current home in order to buy a new one.

Inver Grove Heights Home Sellers: Is Renting A Good Option?

The good news today is that with the tougher mortgage market, rents have gone up significantly. Renters find that they are competing with each other to rent out a Inver Grove Heights home as their is a shortage of quality home 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 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.

Rental Income
Lenders have guidelines for the Inver Grove Heights sellers who will rent out their home 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 mortgage financing on another home. Your mortgage broker can help you decide whether you should rent out or sell your current house. The process of getting preapproved is generally free and contains no loan obligation. 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.

Inver Grove Heights Community Info

If you are looking for a home with a short commute to downtown St. Paul, take a moment to consider finding it in Inver Grove Heights, MN. Conveniently located in the northern section of Dakota County, Inver Grove Heights is just a short commute to downtown St. Paul. The school system in Inver Grove Heights include Simley High School, Inver Grove Heights Middle School, Salem Elementary, Pine Bend Elementary, and Hilltop Elementary. MN first time home buyers may find Inver Grove Heights particularly affordable if they qualify for the Dakota County First Time Buyers program. No matter what type of home you want the community of Inver Grove Heights has a great deal to offer you.

If you would like to discuss the reality of renting out your current home, please 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
www.facebook.com/robphylerealestate
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