If you’re in the market for a new home there’s a pretty good chance you should first go shopping for something else--your loan. There are so many types of home loans available today, you might be surprised at the variety and options available to you.
Things like where you plan to live and how long you plan to live there will be just as important to know as how much you’ll pay as a down payment.
The 30-year fixed rate loan continues to be among the most common home loans. You can also choose a 15-year fixed rate loan. In either case you pay the same interest rate for the life of the loan.
In Alaska, the Alaska Housing Finance Corporation offers a variety of loan programs from single family to multifamily loans in both rural and urban areas. If you’re a first time homebuyer, you may qualify for a tax exempt or lower interest loan. You might even qualify for a second mortgage to modify or renovate your existing home.
With such a variety of home loan options, it’s important to talk with your lender to get a clearer picture of which loan makes the best financial sense for you!