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You've found the perfect home — Alaska USA can help you with the perfect mortgage! What kind of mortgage is best for me? It depends on your situation, the type of home you'd like to purchase, and your financial qualifications. With so many options available, you can take advantage of the experience and expertise provided by Alaska USA. A mortgage professional will walk you through the process and help you find the mortgage that's right for you. What kind of mortgages are available? Alaska USA offers a wide variety of mortgages to meet the needs of just about every borrower. Here are just a few of the options: · Fixed rate mortgage - 15-, 30- or 40-year terms that provide a fixed rate of interest for the life of the loan. · Adjustable Rate Mortgage (ARM) - Offers a lower initial interest rate with rate changes based on market conditions. · Alaska USA 3/1 or 5/1 Adjustable Rate Mortgage - Designed specifically for Alaska USA members, these mortgages offer fixed rates for the first three or five years, and then convert to adjustable rates. Benefits include lower rates and low- to no- down payment options! · No cost/low cost mortgage - Allows you to pay a slightly higher interest rate instead of paying closing costs. · First time homebuyer programs - Offer a lower interest rate for qualified first-time homebuyers. · Rehabilitation mortgage - Allows you to finance both the purchase and rehabilitation of a property in just one loan. · Rural mortgage - Offers a lower interest rate when you buy/construct a home in a rural area. · Low income assistance - Provides reduced rates or down payment assistance to low-income families. · Refinancing - Many of the programs described here can be applied to the refinance of your existing mortgage. How much can I finance? It depends on your situation, but the general rule is that your monthly mortgage payment shouldn't exceed 28% of your gross monthly income. Monthly payments on your total long-term debts (including the mortgage payment) shouldn't exceed 36% of your monthly income. Certain special programs allow higher ratios. How can I find out how much I'm eligible for? You can be prequalified for a mortgage loan at no cost to you, a process that can take as little as 30 minutes when you provide the necessary documentation. What kind of documentation is required? In addition to a completed loan application, you may need to provide checking, savings and/or brokerage account statements, pay stubs, W-2s, landlord information, and tax returns. While additional documentation may be required for some special mortgage programs, there are other programs that require less documentation. What are the rates and terms? Current rates are available online at www.alaskausa.org or by calling 563-3033 or (800) 737-3033 outside Anchorage. The maximum length of the mortgage is 40 years, but shorter terms are available in 5-year increments. What kind of fees can I expect to pay? Various fees come with a mortgage, but many of them can be financed into the loan. Alaska USA will provide you with a complete fee itemization. Contact an Originator in your area for more information. It's easy! There are several options. You can apply online 24/7 at www.alaskausamortgage.com. Or, download an application, complete it and fax to (907) 781-2726 or (907) 786-2177. Or mail to Alaska USA Mortgage Company, P.O. Box 196613, Anchorage, Alaska 99519-6613. You can also visit an Alaska USA Mortgage Company office or branch. For more information, call 563-3033 or (800) 737-3033 outside Anchorage. Highlights
AKUSA 02364-I R04/13/09 |
Alaska USA offers a variety of mortgage programs, and a mortgage
professional can help you find the one that's best for your situation.