3 Things to Consider When Moving to a Larger Alaskan Home
With mortgage rates still at historically low rates and home values rising, many Alaksan residents are currently contemplating a move— even in the midst of the current, and somewhat uncertain, economic climate. However, if you've been wondering, now is indeed the time to purchase a home with more storage space, more bedrooms, more overall square footage or even a home in a better neighborhood.
As your real estate agents in Fairbanks, Eagle River, Palmer, Wasilla, North Pole, and beyond, Madden Real Estate is happy to help you find your bigger, better dream home, but there are just a few factors to consider in your decision to move up.
The right mortgage
When moving up in Alaska, the type of mortgage you obtain is crucial. An adjustable-rate mortgage may be for you if you're not planning on being in the home for an extended amount of time. Adjustable-rate mortgages can save you money as the rate is typically lower than a 30-year fixed-rate and guaranteed for your particular loan term.
On the contrary, fixed-rate loans have a higher interest rate but provide the homebuyer security by locking in that rate over the entire life of your loan.
When you move to a larger home in Fairbanks, Eagle River, Palmer, Wasilla, North Pole, or the surrounding communities, you may obtain what's called a "jumbo mortgage." Jumbo mortgages are loans that are above "average" with an amount more than $417,000 for a single-family home. If this fits the bill for your new home in Alaska, be prepared! Jumbo mortgages do require stronger credentials and the process can be more intense than others, however it does all depend on your lender.
If you're in the market to purchase a home and are looking for a lender recommendation, do not hesitate to reach out! Our team has decades of expertise in the area and can connect you to a professional that will assist you in your mortgage process.
There are mortgage options—commonly called piggyback options— that allow for a second mortgage or home equity loan to be taken out by a homeowner at the same time their first is refinanced or even started. When you're moving to a larger home, you may be mulling over combining your first and second mortgages to reduce costs. It is always wise to explore all of these options in your decision to move up.
The real estate market may be ever-changing, but now is the time to make a move! Contact our experts at Madden Real Estate today to get started on your house-hunt for your Alaskan dream home!
We even offer a Love It or Leave It Guarantee— If you buy a home through us, and you are not completely happy with with your new home, then we will list it for free while you search for a home that you love.
We look forward to hearing from you!
The Madden Real Estate Team
Madden Real Estate with Keller Williams Realty Alaska Group
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