Mortgage Rates

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 ...

5 Things to Avoid When Preparing to Buy a Home in Fairbanks AK

With spring just around the corner and the Alaska real estate market preparing to pick up for the busy season ahead, there are numerous buyers on the fence wondering about their first step. Should I get pre-approved? Should we wait until we have a 20 percent down payment?

All of the questions running through your head are important to answer to get a better handle on the mortgage process, and as your local real estate experts, we're breaking down the steps you should avoid so you can embark on your homebuying journey with few hiccups along the way.

Do Not: Wait until you have a 20 percent down payment
Mortgage rates today are still hovering around historic...

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...

Why You Should Buy a Home in Alaska Before Winter Arrives

While winter has been named one of the best times to buy a home in Alaska, homebuyers may find themselves wishing they had moved before the holiday season rolls around. Schedules will soon grow busier, travel accommodations will be made and planning for the new year will begin, so if you're on the fence about buying a home in Fairbanks, North Pole, Eagle River, Wasilla, Palmer or Anchorage, consider the following reasons to buy now instead of waiting.

Prices are rising
Homebuyers in Alaska will find that prices continue to rise as we head toward the end of the year— and will continue to do so well into 2016. According to a new survey report from over 100 economists and real estate market analysts, price appreciation over the next five...

4 Reasons to Sell Your Fairbanks, Alaska Home Now

The real estate market has been making positive strides for some time, but the changes do also have some Alaskan homeowners considering "waiting it out." While that is understandable, there are a few factors to take into account that could impact your decision! Mortgage rates, for instance, are on the rise and are projected to be up one full percentage point by this time next year. If you've been mulling over a move, now may be the time to do so to come out ahead!

Mortgage rates
As I mentioned above, mortgage rates are increasing! This should raise a flag if you have a home to sell in Alaska as that means homebuyers are getting less for their money. It could also...

Build Your Own Fire Pit

With the smoke, heat and burn bans across the State of Alaska this summer, you probably haven't thought much about a fire pit.  However, a fire pit can be an excellent addition to your outside living area.  And, what better way to enjoy those beautiful cool Alaskan fall evenings than sitting around a fire?  Building a fire pit is actually fairly simple, and we've put together this handy infographic to point you in the right direction!

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Is It Better to Buy or Rent a Home in Fairbanks, Anchorage, Eagle River, Wasilla, Palmer, North Pole?

One of the most important questions facing Alaskan homebuyers today, and perhaps one of the most common, is the age-old, "to buy or to rent?" When comparing current mortgage rates and the benefits of homeownership versus those of renting, the answer is pretty obvious. In fact, the latest Rent Vs. Buy Report from Trulia shows that homeownership is now 35% less expensive than renting!

In addition to that exciting statistic for Alaskan homebuyers, the burden of housing costs also just fell for the third consecutive year, according to the U.S. Census' American Community Survey.

One aspect of housing costs you may not be considering is that while they do indeed fall on homeowners, they tend...

Homebuyers in Fairbanks, Anchorage, North Pole: 4 Tips for Getting the Best Mortgage

There are many moving parts to the home buying process aside from securing a mortgage—house hunting, selling your current home, saving for a down payment— and you may not be focusing enough of your attention on finding the best loan. In addition, if you're a first-time homebuyer in Alaska or have simply been out of the market for a while, understanding the mortgage terms and conditions can be difficult enough. Madden Real Estate is here to guide you every step of the way, including partnering you with the best local financial experts.

But before you sign any mortgage-related documents, here are four tips to ensure you're getting the best loan for your home in ...

Alaska Real Estate: Why You Should Buy a Home in Fairbanks, Anchorage Before Winter

While summer has just about finished and Alaska residents may not yet be ready to think about winter, homebuyers would be wise to start the real estate process early. There's a reason summer is busy for the Alaskan real estate market— conditions are ideal for moving and families are ready for a change of scenery. If you sat on the sidelines this summer, not quite ready to purchase a home in Fairbanks or Anchorage, no problem! But you won't want to wait until winter to make the move.

Prices will be higher
You may have already noticed that home prices and mortgage rates are rising, so don't delay. As we get closer to winter, the prices will continue to rise and as a result, so will your potential ...