Right now, the rental market is extremely competitive. I have two tips for our Property Shop homeowners to be successful in this current market.
First of all, if your interest rate on your current mortgage is between 5.5% and 6%, it is possible to refinance your home loan down to a 3.25% or 3.5% rate. Doing so will considerable reduce your monthly payment and allow you to reduce the amount of rent you need from your renter. Reducing your potential rental request will help you be more competitive in this hot market.
This time of year, the Ft. Leonard Wood market is flooded with homes looking for potential renters. We want to put you in the best position possible to get a renter and keep them long term.
Our second tip is to shop around for homeowners insurance for the most competitive rate. Annual homeowners insurance can run from $1,000 to $1,600 a year. If you can reduce your payment to $1,000 a year, that can help reduce the monthly payment you need from your renters.
If you have any questions or would like some information on local lenders, give us a call or send us an email. We would be happy to help you!