Alaska Mortgage and Refinance Information
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2000, he spent more than 20 years writing about real estate, business, the economy and politics.
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
On Monday, December 04, 2023, the national average 30-year fixed mortgage APR is 7.50%. The national average 30-year fixed refinance APR is 7.59%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Monday, December 04, 2023, the national average 30-year fixed mortgage APR is 7.50%. The national average 30-year fixed refinance APR is 7.59%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Advertiser Disclosure
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Alaska Mortgage and Refinance Information
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2000, he spent more than 20 years writing about real estate, business, the economy and politics.
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
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Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
Current mortgage rates in Alaska
As of Monday, December 4, 2023, current mortgage interest rates in Alaska are 7.75% for a 30-year fixed mortgage and 6.63% for a 15-year fixed mortgage.
In 2024, the conforming mortgage loan limit in the state, which is the maximum amount Fannie Mae or Freddie Mac will guarantee, is $1,149,825. That’s far higher than in most states, where the limit stands at $766,550. Likewise, limits for Federal Housing Administration (FHA) loans in the state, which typically serve low- to moderate-income buyers, vary by county in 2024, from $498,257 to as high as $1,149,825.
Alaska mortgage refinancing
When it comes time to refinance your mortgage in Alaska, remember you’re not required to work with the same lender who provided the initial loan. In fact, it’s important to take the time to shop around and do your research to make sure you’re getting the best rates and loan terms possible. There are many private lenders and mortgage companies that provide refinancing options.
In addition, the Alaska Housing Finance Corporation (AHFC), the state’s housing finance authority, offers its own refinancing programs:
- The Streamline Refinance for existing Alaska Housing borrowers doesn’t require an appraisal or (in most cases) credit screening. It also doesn’t require occupying the home as the owner. (However, the original loan must have been made to an owner occupant.)
- There’s also a refinance option for those who did not purchase their home with an Alaska Housing program. This program can be used to obtain better loan terms or to provide the cash needed for renovations or home improvements.
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Mortgage options in Alaska
- 3% down payment mortgages: These are conventional loans backed by Fannie Mae and Freddie Mac, requiring only 3 percent down with a minimum credit score of 620 (for Conventional 97 and HomeReady loans) to 660 (for a HomePossible loan). Note: Both HomeReady and HomePossible loans have an income limit of 80 percent of the area median income (AMI) where you’re purchasing.
- FHA loan: FHA loans are government-insured loans for homebuyers with lower credit scores. You can get an FHA loan with a credit score of 580 and just 3.5 percent down. FHA loans are insured by the Federal Housing Administration.
- VA loans: VA loans are offered to qualifying active-duty military, veterans and their spouses. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and don’t require a down payment.
- USDA loans: Buyers in rural areas might be able to take advantage of a no-down payment loan guaranteed by the U.S. Department of Agriculture (USDA). Along with buying in a specific rural area, as determined by the USDA, your income must be below area-specific limits to qualify.
First-time homebuyer programs in Alaska
AHFC, also known as Alaska Housing, offers programs that can be helpful to first-time homebuyers. In order to qualify as a first-time homebuyer, you can’t have owned a primary residence in the past three years. Here’s an overview of some of the agency’s programs:
First Home
The First Home mortgage program is aimed at first-time buyers with higher incomes and offers reduced interest rates. To apply, you must furnish federal income tax returns from the past three years.
First Home Limited
Similar to First Home, the First Home Limited mortgage program provides lower interest rates to first-time buyers, but you must meet income limits and purchase price limits to qualify. The first-time buyer requirement can be waived if the purchase property is located in a targeted area, which are locations that have higher income and purchase price limits.
How to find the best mortgage rate in Alaska for you
- Well ahead of shopping for a mortgage, check your credit reports and scores. If your credit is lacking, now’s the time to improve your score, whether that’s by paying down or paying off debt or disputing incorrect information on your report.
- Learn the different types of mortgages so you have a sense of what might work best for your needs. You can then begin comparing rates for that specific type of loan.
- Compare offers from at least three different mortgage lenders, including where you bank if it offers home loans. As you compare, look at the difference between the APR (annual percentage rate) and interest rate. This indicates how much a lender is charging in fees and points.