Breaking Down the Mortgage Process in Alaska
Buying a home in Alaska has many steps— from getting pre-approved to house hunting to beginning the mortgage process. And while finding your dream home may not be a quick and easy feat, the mortgage process can appear much scarier to some buyers.
As your real estate experts in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and the surrounding communities, Madden Real Estate looks forward to simplifying the real estate process for our clients, including the process of obtaining a mortgage!
Remember, your real estate agent can always recommend local Alaska finance and mortgage professionals to put you at ease!
What else do you need to know about the mortgage process? The following should help break it down and further calm your nerves about buying a home in Alaska this year.
You need: Down payment
To qualify for a mortgage in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and the surrounding areas, a down payment of anywhere from 5 to 20 percent is helpful. Don't let previous assumptions about money down stop you from purchasing your dream home— depending on the type of mortgage you choose, your down payment could be as low as 3 percent!
You need: Income verification, credit history
Your lender will want to see verification of your income and your credit history to ensure you have the funds to make a monthly mortgage payment. Now is the time to put together all of your documents, keep them organized, and research your credit history to ensure there are no errors. If there are, correct them before you begin!
A stable income and good credit history will put you on the path to homebuyer success.
You need: Appraisal
The lender will need to verify the value of the home you wish to purchase in Alaska.
You need: A real estate agent
Remember that your real estate agent has done this before— leave it to the pros! Team up with an experienced agent from Madden Real Estate who can answer any concerns or questions you have about the process. We are happy to help!
Ready to start the home buying process in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or the surrounding areas? Contact our experts at Madden Real Estate today!
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.