This summer, more homebuyers are jumping into the real estate market and a large amount of them are first-timers! Now is the time to start preparing to purchase a home in Fairbanks and once you’ve crossed all of the necessary steps off of your list, you can rest assured that your real estate agent will move the process along as smoothly as possible!
Here are four steps to take this summer to get ready to buy a home in Fairbanks, North Pole, Fort Wainwright, Salcha, Delta Junction:
Determine your budget
Before you can begin searching for homes in Alaska, you need to determine how much home you can afford. Use a mortgage calculator to estimate monthly payments, including homeowner’s insurance and taxes. Once you’ve decided which price range you can comfortably afford in the Fairbanks area, then you can start your home search.
Configure your downpayment
Do you have 20% saved for a downpayment on your next home in Alaska? If not, don’t worry! There are many other options for first-time homebuyers with less money to put down. For instance, some mortgage programs offer buyers the option of as little as 3% down or even no money down! Because every situation is different, it’s best to ask your real estate agent to fill you in on all of the possibilities this year.
Find the best location
Have you identified which neighborhoods you’d like to live in? Or perhaps which town makes the best sense for your commute, your children’s school or proximity to amenities like restaurants and shopping? If so, visit the area at different times of day to get a better idea of what it looks like, chat with the neighbors to find what they like and dislike about the community. All of these can give you an added perspective on where you should buy a home.
Groom your credit
Before you buy a home in Alaska, it’s best to clean up your credit as this is one of the first things lenders will assess before granting you a loan. Research your credit score and amend errors if any are present, pay down your debt and avoid making any large purchases prior to applying for a mortgage.
Madden Real Estate is happy to help you navigate the process of purchasing a home in Alaska this year. Feel free to reach out to us with any questions about getting started, information on available properties and which area may be right for you!