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...
If you haven't yet sat down to make a list of new year's resolutions for 2019, what better time is there than now? It's always a fun exercise to take stock of your goals for the year ahead and make a plan on how to achieve them. For many in Alaska, you might find that they are personal or health related, but one of your big resolutions or goals might be buying a home!
There are dozens of steps to take to successfully become a homeowner in 2019 and as your local real estate experts in Anchorage, Eagle River, Fairbanks, Wasilla, Palmer and North Pole (and beyond!), Madden Real Estate is happy to help you make that a reality! Below are 5 new year's resolutions to make in order to buy an Alaskan home in the new year:
It might not be your favorite route toward ...
Have you finally decided to buy a home in Fairbanks? Congratulations! Homeownership is one of the most rewarding experiences you’ll have during your lifetime. As you probably know, along with the pride in owning a home comes a long-term commitment and a laundry list of financial responsibilities. Before you can own a piece of the Alaskan real estate market, you’ll need to prepare for and get approved for a mortgage. To ensure your mortgage application process goes as smoothly as possible, review my list of to-dos to improve your chances of getting approved for a home loan on your future Alaskan abode.
1. Check your credit reports
Lenders determine your credit score by taking the median of all three credit reports. An error on just one of them can have a negative impact on your mortgage rate, so it’s important to clear those up before applying.