Alaska Mortgage Rates
Compare Alaska mortgage rates and choose the best option for your needs.
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Today's Mortgage Rates Trends in Alaska
| Product | Rate | 1w change | APR | 1w change |
|---|---|---|---|---|
| 30-year fixed | 7.718 | 0.83% | 7.741 | 0.83% |
| 20-year fixed | 7.54 | 0.23% | 7.569 | 0.22% |
| 15-year fixed | 6.948 | 0.49% | 6.984 | 0.49% |
| 10-year fixed | 6.877 | 0.54% | 6.927 | 0.53% |
| 30-year fixed-rate FHA | 7.25 | 0.47% | 8.369 | 0.39% |
| 30-year fixed-rate VA | 7.207 | 1.76% | 7.451 | 1.73% |
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in Alaska: Top Lenders in 2024
If you're planning to purchase a home in Alaska, obtaining a mortgage loan is the most convenient option, regardless of whether you're looking for a residential property or an apartment. However, it's important to note that the terms and conditions of home loans can differ significantly among various mortgage lenders. To help you navigate through this process, we will explore some of the top-rated lenders in Alaska and determine which ones are worth considering. Additionally, you can use our mortgage calculator to estimate your future expenses.
AK Mortgage Lenders Comparison
All the lenders we have reviewed are reputable companies with reliable track records and competitive rates. In order to provide you with comprehensive information, we will compare them based on several important criteria, such as the Annual Percentage Rate (APR), the minimum down payment required, minimum requirements for eligibility, and other relevant factors. This comparison will enable you to make an informed decision and choose the lender that best fits your specific needs and preferences.
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage, the US-wide leader in capitalization across consumer lenders, adopted in 1999. The name change occurred in 1999, but the offerings, terms, and services remain the same. It provides a wide range of mortgage options, including conventional mortgages (with fixed or adjustable rates), jumbo loans, home equity loans, home equity lines of credit (HELOCs), and government-insured programs such as FHA and VA loans for both purchase and refinancing purposes.
To qualify for a conventional loan, a minimum credit score of 620 is typically required. The advertised APR for a 30-year fixed-rate mortgage is 7.199%, which may be slightly higher compared to similar offers from other lenders. Rocket Mortgage operates in all states across the US, including Washington D.C.
| Pros: | Cons: |
|---|---|
| Wide range of mortgage options. Quicken Loans Mortgage offers various mortgage programs, including conventional mortgages, jumbo loans, home equity loans, and government-insured programs like FHA and VA loans. This provides borrowers with flexibility and the ability to choose the loan that best suits their needs. | Limited physical presence. Quicken Loans Mortgage operates primarily as an online lender, which means there may be limited in-person support or physical branch locations available in Alaska. Some borrowers may prefer the convenience of face-to-face interactions with loan officers or the ability to visit a local branch. |
| Streamlined digital process. Quicken Loans Mortgage is known for its efficient and user-friendly online application process. Borrowers can easily complete their mortgage application, submit documents, and track the progress of their loan through the convenient online platform. | Higher APR for some loan options. While Quicken Loans Mortgage aims to provide competitive rates, the advertised APR for certain loan options, such as a 30-year fixed-rate mortgage, may be relatively higher compared to other lenders. It's essential for borrowers to carefully review and compare loan terms and APRs to ensure they are getting the most favorable rates available to them. |
| Competitive interest rates. While specific rates may vary, Quicken Loans Mortgage strives to offer competitive interest rates to borrowers. This can potentially result in lower monthly payments and overall savings over the life of the loan. | Limited personalized service. Due to the online nature of the lending process, some borrowers may feel they have less personalized support compared to traditional lenders. While Quicken Loans Mortgage offers customer service and assistance, it may not provide the same level of face-to-face guidance or in-person support as a local lender. |
AmeriSave
AmeriSave, founded in 2002, is a well-established nationwide lender with its origins in Georgia. Despite its national presence, it offers some attractive loan options specifically tailored for the state. The lender has a strong reputation, as evidenced by its excellent ratings from BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% is based on meeting certain criteria, including a high FICO score of 740 and a 20% down payment. It's important to note that your actual rate may be higher than what is advertised, as it depends on individual factors. To qualify for a conventional loan with AmeriSave, a credit score of 620 is generally required, while government-insured programs may be available with a credit score as low as 600.
| Pros: | Cons: |
|---|---|
| Nationwide Lender. AmeriSave is a well-established nationwide lender, which means it has experience and resources to serve borrowers across the country, including Alaska. | Higher Credit Score Requirement. To obtain the advertised low rates, AmeriSave typically requires a higher credit score, such as 740 or above. This may limit access for borrowers with lower credit scores. |
| Competitive Rates. AmeriSave offers attractive mortgage rates, which can help borrowers save money on interest payments over the life of the loan. | Down Payment Requirement. AmeriSave may require a significant down payment, such as 20%, to secure its most competitive rates. This could be a challenge for borrowers who have limited funds available for a down payment. |
| Excellent Ratings. AmeriSave has received excellent ratings from reputable sources like BBB (A+) and Trustpilot (4.3/5), indicating their commitment to customer satisfaction and reliability. | Advertised Rates vs. Actual Rates. The rates advertised by AmeriSave may not be the actual rates borrowers qualify for. The actual rates are determined based on individual factors, including credit score, down payment, and other financial considerations. |
| Variety of Loan Options. AmeriSave provides a range of loan options, including conventional loans and government-insured programs, allowing borrowers to choose the option that best suits their needs. |
Rocket Mortgage
Since its founding in 1985, Rocket Mortgage has established itself as the single most popular mortgage lender (and most successful lender overall) in the United States.
Formerly known as Quicken Loans, the company has been a pioneer in providing online mortgage services nationwide. While their rates tend to be higher than average, even reaching an APR of 7.199% for a 30-year fixed-rate mortgage under ideal conditions, it offers a range of options including adjustable-rate mortgages, refinancing, and FHA- and VA-backed plans. Like all lenders, Rocket Mortgage has certain minimum requirements for borrowers, with a credit score of at least 620 (or 580 for FHA loans) being one of the key criteria.
| Pros: | Cons: |
|---|---|
| Wide Range of Options. Rocket Mortgage offers a variety of mortgage options, including conventional loans, adjustable-rate mortgages, refinancing, and government-backed plans such as FHA and VA loans. This allows borrowers to choose a mortgage program that best suits their needs. | Higher Interest Rates. One potential drawback of obtaining a mortgage through Rocket Mortgage is that their interest rates can be higher compared to some other lenders. Borrowers should carefully consider the interest rates and APR offered by Rocket Mortgage and compare them with other lenders. |
| Online Convenience. As a pioneer in online mortgage lending, Rocket Mortgage provides a convenient and streamlined digital platform for the mortgage application process. Borrowers can easily apply, submit documentation, and track the progress of their loan application online. | Limited In-Person Support. Rocket Mortgage primarily operates online, which means there may be limited in-person support available for borrowers who prefer face-to-face interactions. This could be a disadvantage for those who prefer a more traditional, personal approach to the mortgage process. |
| Strong Reputation. Rocket Mortgage, as part of Quicken Loans, has established a strong reputation in the mortgage industry. It is known for its reliable service, responsive customer support, and solid track record in closing loans. | Qualification Requirements. Rocket Mortgage, like any lender, has specific qualification requirements for borrowers. While a credit score of 620 is typically required for conventional loans, some borrowers with lower credit scores may find it more challenging to qualify for a mortgage through Rocket Mortgage. |
| Customer Reviews. Rocket Mortgage has received positive feedback from customers, as reflected in its high customer ratings and reviews on platforms like Trustpilot. |
Average Mortgage Rate in Alaska from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Alaska.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Alaska
| Criteria | Amount, $ |
|---|---|
| The median home value in Alaska | $311,344 |
| The income required to buy the median priced home in Alaska | $51,012 |
| The monthly mortgage payment required to buy the median priced home in Alaska | $1,181 |
| The median household income for Alaska | $81,751 |
Things to Consider When Choosing a Mortgage Lender
When deciding on a mortgage loan, it's important to understand the significant commitment you're making for a period of 15 to 30 years. Therefore, it's crucial to carefully consider the lender you choose. Here are some key factors to keep in mind when selecting a lending institution.
Type of Lender
In general, there are two main options to consider when seeking a mortgage: traditional banks and online mortgage lenders. Banks often provide competitive interest rates, but they tend to have stringent credit requirements. The approval process can take longer, and meeting their eligibility criteria can be challenging. On the other hand, online mortgage lenders operate more swiftly and typically have less stringent requirements for homebuyers.
APR and Fees
Every mortgage loan comes with associated costs, which go beyond just the interest rate. These costs include additional fees like the origination fee, mortgage insurance fee, closing costs, and more. Currently, the average mortgage rate in Alaska for a 30-year fixed-rate loan is 6.58%. It's important to consider these costs in addition to the interest rate when evaluating mortgage options.
Terms and Conditions
When choosing a mortgage, it's important to consider the minimum required down payment, which can range from 0% to 20% depending on factors such as loan type and personal circumstances (e.g., military, employment status, self-employment). Another key factor to consider is the loan term, which is the total length of time it takes to repay the loan. Common options include 15-year and 30-year terms. These factors will impact your overall mortgage experience and should be carefully evaluated when making your decision.
What Mortgage Lender is the best in Alaska?
There is a wide range of reliable mortgage lenders in Alaska, making it challenging to provide a definitive answer. The best choice will depend on your specific needs and preferences. One notable industry leader is Rocket Mortgage, which had a loan volume of $11.5 billion in 2021. To make an informed decision, we recommend reviewing our list of recommended lenders to find the one that aligns with your requirements.
First-Time Homebuyer Programs in Alaska
Buying a home for the first time can be challenging, but residents of Alaska have access to government programs designed to make mortgages more affordable. Here are a few of these programs:
- Federal Housing Administration loan program. This program provides insurance from the federal government, which is included in the loan cost. Homebuyers benefit from a low-interest rate and minimal credit requirements. With an FHA loan, borrowers can have a FICO score as low as 500 and a debt-to-income ratio of 50%.
- USDA loan program. Geared toward those residing in rural areas, this program offers a mortgage loan with a zero down payment. However, the borrower's annual income must not exceed 115% of the average income in the region.
- VA loan programs. These programs are insured by the Department of Veteran Affairs and are available to former military personnel and their spouses. VA loans provide favorable terms and benefits to eligible individuals.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a prospective homebuyer's credibility and assures home sellers that lenders are willing to approve a mortgage loan for the buyer. To obtain pre-approval, the buyer must provide documentary evidence of their ability to make payments. This typically includes earning statements, account statements, a W2 form, or alternative proof of income for a minimum of two years. Additionally, the buyer needs to complete the Uniform Residential Loan Application form.