Mortgages

How to Know If You're Ready to Buy a Home in Alaska

With the rising costs of rent in Alaska, it is no longer a smart financial decision for area residents to choose renting over buying. Not to mention, mortgage rates are still historically low!

However, if this is your first time purchasing a home in Alaska, you need to be ready to assume the responsibility of homeownership. Here are four questions to ask yourself to determine if now is the right time for you to buy:

Can you afford the costs?
If you have been saving for a downpayment and other costs over the past few years, you'll be in great shape this summer. You should have enough to cover 20% of the home's purchase price to secure the best mortgage rate and avoid private mortgage insurance (PMI).

It is also wise to be prepared to pay closing costs which can typically range from 2 to 5% of the home's purchase...

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 lows—...

Types of Debt That Can Affect Your Alaska Mortgage Approval

The summer season is upon us here in Alaska and with the market (and the weather!) beginning to heat up, many more buyers are out and about browsing available homes! But once you've found your dream home in Fairbanks, Anchorage, Eagle River, Wasilla, Palmer, or North Pole and you've moved on to applying for a mortgage, you may find that there is one factor that is stalling your loan approval— debt.

As we have mentioned in past blog posts, it's important to groom your credit score as much as possible before applying for a mortgage, but also to pay down high interest debt. There are a few common types of debt that will affect your mortgage approval and as your local real estate experts, we've listed them below!

Student Loans
Student loans—while...

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 ...

Obtaining a Mortgage About to Get Easier for New Fairbanks, Anchorage Homebuyers

If you're a first-time homebuyer in Alaska or have simply not owned a home in several years, obtaining a mortgage is about to get easier for you. All thanks to new lending guidelines from Fannie Mae and Freddie Mac that will allow for down payments as low as 3 percent. 

This week, both mortgage giants announced the new 3 percent down payment options on home purchases. For Fannie's program, first-time homebuyers can start to take advantage of the low down payment option as early as December 13. For Freddie, the new program will officially roll out on March 23, 2015.  

These new mortgage guidelines...