RE/MAX of Eagle River, Inc

Financing Real Estate in Eagle River, Anchorage, Alaska

Nestled between two river valleys near the Chugach Mountains, Eagle River is a growing neighborhood in Anchorage, Alaska.
Remax of Eagle River is a premium real estate company that conducts business in Eagle River, Anchorage, AK with operations running throughout South-Central Alaska including Chugiak, Palmer, Wasilla, Anchorage, and Girdwood.

If you’re relocating to our area or interested in homes in Eagle River, Anchorage, AK and nearby it’s important to assemble yourself for the process. Now is an important time to get financial questions clarified and come as prepared as possible for the purchasing process.

The way you approach mortgage shopping can literally save thousands of dollars. Take time to understand the system and make educated decisions about real estate in Eagle River, Anchorage, AK. Doing so may very well save you money and time.

If we can explain any steps along the way, contact our agents. We have years of experience and we are always happy to help.

The steps to successful financing

Get pre-approved. Don't skip this step. Getting pre-approved is fast, easy and free. A written pre-approval includes a completed credit application and a certificate guaranteeing you a mortgage to a specified amount. With one in your pocket, you won't waste time looking at homes you can't afford.

Instead, you can invest your time shopping for the home of your dreams. If you have a home in mind, you can use our mortgage calculator to determine if you’re potential monthly payments are within your budget, based on your pre-approval.

Examine your finances. How much can you afford to spend? While a lender will tell you how much you qualify for, it's up to you to figure out if that amount fits into your budget. What monthly dollar amount do you feel comfortable committing to? Remember to consider related costs such as insurance and taxes, as well as interest and principle.

Consider what type of loan is best for you.  Compare fixed-rate with adjustable rate mortgages and determine which is the best fit for your lifestyle. Look down the road. Where will you be in 15 years, 30 years? What obligations might you have? Take those things into consideration as you browse at homes for sale in Eagle River, Anchorage, AK.

Check your Credit Report. A lender will run a credit report on you (it only takes a few minutes), but you'll be ahead of the game if you acquire a copy first. You'll know exactly what's on it and be able to correct any inaccuracies.

Shop Around. When you're ready to get a loan, explore your options. You can choose either a direct lender or a mortgage broker.

A direct lender has money to lend and makes the final decision on your loan. Brokers are intermediaries who choose from many lenders. A broker may be able to help find you a loan if you have special financing needs, but he or she will also receive a percentage of what you borrow. Ask your agent for advice on which is best fit for you.

While you're shopping for a loan, also look for the best loan costs.

These may include:

Be aware. Don't let hidden costs sneak up on you. Ask your lender for a written estimate, and make sure to clarify any questions with your real estate agent.

Apply for a loan. Gather all the documents you'll need to verify your loan application. Lenders will want to know your job tenure, employment stability, income, assets (property, cars, bank accounts and investments) and your liabilities (auto loans, mortgages, installment loans, credit-card debt, household expenses and others).

You'll need to provide documents such as paycheck stubs, bank account statements and tax returns. Check with your lender or broker for more information.

Lock it down. With interest rates changing daily, locking down your rate can prove a big money saver. A rate lock - in writing - guarantees you a certain rate and terms for a specified period of time. Lock in all the costs you can, including interest rates and points. And try to set the lock at the time of application, not at approval. This will protect you from rising rates.

Your lock-in period should be long enough to allow for all processing time. Most lock periods range from 15 to 60 days. Make sure to check with your lender or broker about the average time it takes them to process a loan.

Ask about Pre-payment. You can shave years off the length of your mortgage by restructuring the way you pay back your loan. Simply paying more frequently can save thousands in interest. So can making a lump payment toward the principal - or paying a little more each month. These methods are called pre-payment.

Not all loans allow for pre-payment. If you want the option, discuss it with your lender or broker.

Clear up any financial problems. Do you have credit problems or owe money to the IRS? Buying a new home may still be a possibility. Contact a financial advisor or tax resolution service to find solutions.

Now that you’ve properly prepared for the financial process, you’re ready to start your search through the latest listings.  If you’re a first-time buyer interested in learning more about real estate in our area you can order our free real estate reports, in addition to the tips above.

Questions? Get in touch with the professionals at Remax of Eagle River Alaska. You can call our office at 907-694-4200 or email us at or learn more by visiting our Facebook page.