Becoming familiar with financing basics is a smart move before buying Elmendorf real estate.
The number ONE Tip - Use a Local Lender! There is no higher value or greater service than to be able to deal with your lender Face-to Face!
You will have many questions and will be required to reveal personal financial information so working with someone you can "look in the eye" and speak with will increase your comfort level.
You should be able to meet your lender in person, ask questions, and have them answer the phone when you call.
Getting pre-approved for a loan is an important step that takes very little time! This helps you understand your price range and from here you can work with your real estate agent to create a list of your must haves and deal breakers. These could be factors such as commute, neighborhoods, size of the home, amenities, etc.
Be ready to inform your lender about all of your financial history, this includes gross monthly income, credit scores, debt, amount of savings, etc. These are all factors that lenders consider when agreeing to a loan.
There are many different types of loans out there, you just need to decide which one suits you best. There is the standard 30-Year fixed rate mortgage, FHA Loan, or you might qualify for a VA loan, etc. Different types of loans have different pros and cons, so be sure to ask your lender if you have any questions or for more information. Take a minute to think about what obligations or commitments you might have in 15 or 30 years, take this into consideration when you choose a loan that suits you.
A unique benefit for military personnel near Ft Richardson and Elmendorf AFB is the Alaska Housing Finance Corporation or AHFC option. This state run program can cut up to .25% off your interest rate when using a local lender. Contact Cris at Residential Mortgage for details on this program.
Something that you might contemplate is allocating a portion of your travel allowance as part of a down payment towards your JBER off base housing. If you can afford to put down a larger amount for a deposit then comes opportunity for a lower mortgage rate.