Credit The New York Times

Alaska mortgage rates


The median national average for owner-occupied homes is $144, 200. The average in Alaska is $119, 600, making Alaska's home prices 7.1% below average at the end of 2009. Fortunately, this shouldn't be too worrying since price averages fluctuate.

Most Popular & Fastest Growing City: Anchorage

Anchorage is Alaska's most popular and fastest growing city-borough. Slightly less than 280, 000 residents were estimated to live there in 2008, more than 40 percent of the state's total population. The National Civic League has named Anchorage the All-America City four times, in 1956, 1965, 1984/85, and 2002.

Alaskan tourists often choose Anchorage as the initial stop on their vacation because of the large population and convenient location. Tourists can head south to the Kenai Peninsula, a popular fishing location, or north to other heavily toured locations such as Fairbanks and Denali National Park.

Moose.

Why Anchorage?

Anchorage has grown 2% since 2008 and 12% since 2000, but why? Most likely because Alaska's oil, gas and mining sectors continue to employ. The health and education services in Anchorage have also seen steady growth, even in the recession.

Cities with available jobs are attractive to people looking to move, which explains not only Anchorage's growth, but the next two cities as well.

Second Most Popular City: Fairbanks

The largest city in the interior region of Alaska is Fairbanks. Fairbanks is home to the oldest college in the state, the University of Alaska Fairbanks. More than 300, 000 people tour Fairbanks each summer. Mining is a significant part of their economy, with the gold mine of Fort Knox producing 1, 200 ounces per day and providing jobs to tens of thousands of people.

Third Most Popular City: Juneau

Juneau is the capital of Alaska and the third most populated city. The primary employer in Juneau is government. This includes the state and federal government, municipal government (harbors, the local hospital and airport, and the school district), and the University of Alaska Southeast. Offices in state government and indirect economic impact of those offices compose roughly one quarter of Juneau's economy.

Types of Alaska Mortgage

The mortgages rates in Alaska are slightly below the national average, though that can change quite quickly.

Fixed-Rate Mortgages

A fixed-rate mortgage (FRM) may appeal to Alaskan borrowers who don't want to deal with potentially rising payments and interest rates. Since these things don't change on a fixed-rate mortgage, the borrowers are able to plan and budget long-term. If market interest rates decline significantly, refinancing might be a desirable option. Most fixed-rate mortgages are paid off in 30 years, but 20, 40 and other term lengths are available.



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How to get the best mortgage rates - Quora

I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live.  Last, apply with a local mortgage broker.




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