Getting the Best Mortgage Rates in Alaska for a New Home or a Refinancing
Known for its stunning scenery, unique weather, and expansive wildlife population, Alaska is the perfect place for lovers of the outdoors to spread their roots.
While Alaska may be a beautiful place to live, is it an affordable place to purchase a home? What types of mortgage rates in Alaska are available? Is taking out Alaska home loans an affordable option?
Not only does a great mortgage rate in Alaska lower your financial burden and promote good financial health, but it can also help you save money over the total life of your Alaska mortgage.
In the sections below, we’ll explore current mortgage rates in Alaska and Alaska refinance rates to help you make smart decisions when considering Alaska mortgages.
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Which Alaska City Are You Located in?
When it comes to finding the best Alaska mortgage rates, there are plenty of factors to consider, especially for a first-time home buyer in Alaska.
For many Alaska mortgage lenders in Anchorage, Fairbanks, Juneau, Sitka, Wasilla, Kodiak, and other cities in Alaska, the location of the home will play a large role in what type of Alaska mortgage rates are available.
This means that homes across the state could have varying Alaska mortgage rates based on the individual city, geographical area, and the condition of the home itself.
While you are searching for the best mortgage rates in Alaska, it may be worthwhile to check the rates for other cities to explore Alaska mortgage rates that could potentially be more affordable over the long run.
See the table below for a list of some of the largest cities in the state offering a wide range of Alaska mortgages.
| Top Alaska Cities | Population (2015-2016) |
| Anchorage | 298,695 |
| Juneau | 32,756 |
| Fairbanks | 32,751 |
| Wasilla | 9,748 |
| Sitka | 8,863 |
| Ketchikan | 8,208 |
| Kenai | 7,745 |
| Palmer | 7,000 |
| Bethel | 6,378 |
| Kodiak | 6,191 |
| Homer | 5,631 |
| Soldotna | 4,617 |
Source: Google
Key Requirements for Applying for Home Loans in Alaska
Before you apply for an Alaska mortgage, you’ll want to complete the below list of requirements.
- Get your down payment ready (~20% of the loan amount)
- Maintain good to excellent credit
- Save some extra funds for your closing cost
- Maintain a low debt balance
- Demonstrate sufficient income
- Gather your financial documents
- Get a home appraisal on the home
You’ll also need to examine your full range of options for Alaska mortgage rates before choosing the best mortgage rate in Alaska for you.
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Types of Alaska Mortgage Lenders
Today, borrowers have plenty of options when choosing between Alaska mortgage lenders for Alaska refinance rates and mortgage terms.
Rates, terms, and overall affordability can vary greatly from one lender to the next, which makes exploring multiple options key when looking for the best Alaska mortgage rate.
Banks
If you have an existing relationship with a local bank, you may want to check their mortgage rates.
Having a positive lending relationship with a brick-and-mortar bank is great for those who prefer to discuss Alaska home loans and Alaska refinance rates in person.
With stricter requirements, however, new borrowers may have difficulty getting good Alaska mortgage rates from large banks, especially when dealing with less than ideal credit.
Anchorage, Alaska
Online Lenders
Many borrowers find that online banks have the most flexible Alaska mortgage rates and terms.
Alaska mortgage lenders offering competitive mortgage rates in Alaska online include online-only banks, lending companies, or even peer-to-peer lending platforms.
Not only are online Alaska mortgage applications easier to fill out, but they also tend to have the quickest response rates, meaning that you could potentially get an answer on mortgage rates in Alaska within hours.
Credit Unions
If you are a member of a credit union—or are eligible to become one—this can be a great resource for an affordable Alaska mortgage.
Because they tend to have lower operating costs, a mortgage rate in Alaska from a credit union often has competitive rates and flexible terms, providing a great resource for Alaska mortgage rates.
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Conclusion – Finding a Top Mortgage Loan for a Home in Alaska
When searching for the best Alaska mortgage rate for you, there are a few additional pieces of information to keep in mind.
If you have a good, great, or excellent credit history and you are seeking an Alaska mortgage rate for a loan totaling over $424,100, some lenders may be able to provide more favorable rates and terms.
For this reason, it’s important to confirm any Alaska mortgage rates and terms for specific amounts before making a commitment.
Additionally, it’s also important to keep in mind that APR and payment information does not include state-specific taxes or required insurance premiums. As such, you should expect that your monthly Alaska mortgage payment will be greater when taxes and insurance products are added.
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