First Time Homebuyers

What Do You Actually Need to Qualify for a Mortgage in Alaska?

When it comes to buying a home in Alaska, you would be surprised by the number of potential buyers that sit back because they do not think they will qualify for a mortgage. However, the reality is that qualifying for a mortgage is simpler than you think and as a result, you are missing out on the many benefits of homeownership!

If you're sick of renting, given the increasing costs each year, and are ready to settle into a place of your own, now is the time! Don't allow yourself to put off homeownership any longer, just research the facts. Consider the following your checklist of what it takes to qualify for a mortgage:

1. A Down Payment
Did you know nearly half of all ...

How to Begin Your Home Search in Alaska

If you're not fully prepared to navigate the Alaskan real estate market, it can be overwhelming— especially if you're a first-time homebuyer. It helps to know the facts from the beginning of your home search, as well as have a local real estate expert on your side, like our team at Madden Real Estate

Below are four ways to start your home search in Fairbanks, Eagle River, Palmer, Wasilla, North Pole, or Anchorage:

Get Preapproved
This should always be your first step when shopping for homes in Alaska. Even if the market begins to slow down, you will be able to better understand your budget and whether or not your dream home is within your reach. Not to mention, this documentation tells sellers...

Why Fall Is a Great Time to Buy a Fairbanks AK Home

Fall is here in Alaska and with the changing of the seasons comes a new opportunity to start fresh in a new home! Summer may indeed be one of the busiest times for real estate, but that doesn't mean your time to buy ends when the clock strikes fall.

Now is one of the best times to make a move to a new home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla and North Pole and we've included a reasons for you below:

Mortgage rates are rising
It is true that mortgage rate are still near record lows in Alaska, but they won't stay this way forever! 30-year mortgage rates have already increased half a percentage point and are expected to rise again over the next 12 months. In fact, by this time next...

How to Tell a Great Fixer Upper in Alaska from a Money Pit

You likely already have a picture in your head of what you'd like your dream home in Alaska to look like. Maybe it's a new construction home in a family-friendly neighborhood or maybe it's a fixer upper that you can make your own. If the latter is more your style, you'll want to keep your eyes peeled for a certain set of features that will help you tell the difference between a property with potential and a money pit.

Below are four things to look for in Alaska fixer upper homes to avoid a homeowner headache down the road:

Sound Structural Elements
When you move into a new home in Alaska, it can be quite costly to need to replace major structural parts like the...

What You Should Know About Shopping for an Alaska Home in the Winter

Gone are the days where homebuyers only searched for properties in Alaska when the weather was warmer, they happened upon a listing in the newspaper, or drove by a For Sale sign. In today's Alaskan real estate market, buyers are always switched "on," constantly looking for properties on their smartphones and computers, even setting up search parameters so potential homes land in their email inbox. 

It doesn't pay to wait as a homebuyer in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole. Your dream home could be waiting for you—even in...

Prepare for Closing Costs When Buying a Home in Alaska

The process of buying a home in Alaska can be both exciting and overwhelming, especially if it's your first time conducting a home search. There are many details to get in order, from the number of bedrooms you need to the best location, and it is easy for a few to fall through the cracks. One in particular that is commonly overlooked is the amount you will owe in closing costs. 

Many first-time homebuyers in Alaska are not aware of closing costs, but as your local experts in Anchorage, Eagle River, Palmer, Wasilla, North Pole and the surrounding communities, you can count on Madden Real Estate to ensure you know exactly what you're in for in today's real estate market.

What are closing costs?...

When a 30-Year Mortgage Is Not for You in Fairbanks AK Real Estate

One of the first steps you will take on your homebuying journey in Alaska is meeting with a lender to discuss your eligibility to take on a mortgage loan. You will likely be given a few quotes based on different loan products, each varying by terms, conditions, and interest rates. A 30-year fixed-rate mortgage is a common choice for homebuyers in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, North Pole and the surrounding areas, however, there are a few reasons why this mortgage may not be for you.

As you decide which mortgage may be right for you this year, consider the following reasons to choose a...

What to Expect from Your Alaska Real Estate Agent

Deciding to buy a home in Alaska is a big step! But next on your list? Finding the perfect real estate agent to help you through the process. By choosing just anyone, finding your next home can be more of a headache than a happy time— but by choosing an expert, you will eliminate many of those problems that can easily arise.

Below are four things to expect from your real estate agent in Alaska and remember, you can always count on Madden Real Estate to provide each one!

They should find you the right home
The right real estate agent in Fairbanks, Anchorage, Chugiak, Eagle River, Palmer, North Pole, and Wasilla will not be focused solely on making...

Preparing for the Hidden Costs of Buying Your First Home in Alaska

Buying your first home in Alaska is an exciting process! There are dozens of factors to consider— the number of bedrooms in your ideal home, square footage, garage size, yard, and of course, location. But perhaps the most important to consider? The costs! 

A home is undoubtedly one of the largest purchases you will make in your life and it pays to be prepared. In fact, researching all of the costs involved—down payment and monthly mortgage, to name a few—ahead of time will make your home buying process a much smoother one. As your local real estate experts in Anchorage, Fairbanks, Eagle River, Palmer, North Pole, Wasilla and the surrounding areasMadden Real Estate is sharing some...

Misinformation About Buying A Home in Alaska Is Holding Back Would-Be Owners

With the rising costs of rent and mortgage rates that continue to dip below expected levels, dreams of homeownership are becoming quite commonplace for many renters in Alaska. However, many would-be buyers are holding back this year due to misinformation about what it takes to become a homeowner.

A new survey from Bankrate.com found that nearly half of all current renters say they haven't purchased a home yet because they don't think their credit score is high enough or they don't have enough money saved for a down payment

So what does it take? It's important to keep the following two factors in mind before you jump to conclusions about your ability to purchase a home in Alaska this year!

Credit ScoreAnother study from Fannie Mae recently found that 59 percent...

What to Do When You Move into a New Home in Fairbanks, Anchorage, North Pole Alaska

Tis the season to move into a new home in Alaska! The spring season is almost here and aside from spring cleaning, which we discussed in our last blog post, another popular activity this time of year is purchasing a new home

As you may have heard, spring has earned a reputation as the busy "homebuying season" and pending your home purchase, can also be called the busy "homeowner season." Buying a new home in Alaska means you have work to do— from changing the locks to cleaning the carpets...

Alaskan Real Estate Market: Common First-time Homebuyer Mistakes

2015 has been called the "Year of the First-time Homebuyer" for many reasons— lower interest rates, pent-up demand, new low down payment mortgages and rising rents. Many Fairbanks, Anchorage, Eagle River, Palmer residents will jump into the real estate market this year and quickly find it can be an overwhelming and challenging experience. 

The team at Madden Real Estate is here to help! Not only can we help prepare you to buy a home in Alaska, but we can also walk you through the process to ensure you do not run into these common first-time homebuyer mistakes:

Mistake #1: Not Knowing How Much You Can Afford
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