Madden Real Estate's Blog

Credit Report Info for Alaska Home Buyers

If you plan to buy a home in Alaska this year, good credit will be important. Fortunately, the 3 major credit bureaus - Experian, Equifax and TransUnion - have made it easy to obtain your credit report. From now through April 2021, the bureaus are offering a free credit report, every week, for every American.

Please note, not every lender reports to every bureau. This leads to confusion, because your car loan may show up on one report, and your credit card, another. Lenders are aware of this, so they consider your credit behavior across the board. (Your overall credit score, or FICO score, is typically an average from all 3 bureaus.)

Your credit report is a history of your credit accounts, balances and payment habits. It includes a record of the addresses you've held and other personal info. The report isn't always error-free,...

Real Estate Trends Changing as Alaskans Hunker Down

While Alaskans "hunker down" and observe social distancing, the real estate market is going to slow. With business disruptions having a domino effect on incomes and the economy, a number of buyers and sellers will likely wait things out.

For Alaskan home buyers moving forward with their plans, there are 3 emerging trends to be aware of:

1. Mortgage lenders are beefing up credit quality. Higher credit scores, larger down payments and low debt-to-income ratios are being sought. Jumbo mortgages are seeing higher cash reserve requirements. 

2. If sellers postpone their sales plans, home inventory could become very limited. As of early March 2020, the Anchorage area had just under 2 months of supply in price ranges under $350,000.

3. On the upside, mortgage interest rates should remain very low for a while. 

For ...