The way you approach mortgage shopping can literally save thousands of dollars. Take time to understand the system and make educated decisions. Doing so may very well cost you less over a shorter period of time.

Local Lenders, Understand Alaska! A local mortgage originator, with local underwriting, can be key to getting into you new home, without delays. Having a local, experienced originator can save you ton$ of frustration. If we can explain any steps along the way, please ask. We're always happy to help.

The steps to successful financing

Getting Pre-Approved is a MUST! Don't skip this step. Getting pre-approved is fast, easy and free. A mortgage specialist will get your credit score, help you determine how much you can afford, present various options (term, rate, points) and most importantly, will provide you with a 90% letter--the document that lets the seller know you are qualified to buy. With a 90% letter in your pocket, you won't waste time looking at homes you can't afford.

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

If you have an established relationship, by all means, utilize it.  If not, please feel free to contact any of the experienced local mortage originators below.  These are on our list because they have a proven track record of expeditiously getting the applications together, maintaining contact with their customers, getting approvals, and closing deals on time.  We earn nothing here, except happy customers!

Richard Mantyla, Residential Mortgage          907-222-8833                                  mantylar@residentialMTG.com 

         Rehab Loans?

Jason Wooten, First Rate Mortgage               907-555-5502                                           jason@firstrateak.com

There are many costs associated with loans. These may include:

• Interest rates
• Broker fees
• Points (each point is one percent of the amount you borrow)
• Prepayment penalties
• Loan term application fees
• Credit report fees
• Appraisal costs

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 principle - 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 possiblity. Contact a financial advisor or tax resolution service to find solutions.

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