{"id":1075,"date":"2021-05-10T07:46:24","date_gmt":"2021-05-10T15:46:24","guid":{"rendered":"https:\/\/alaskahomesbybrooke.com\/?p=1075"},"modified":"2022-03-13T16:31:33","modified_gmt":"2022-03-14T00:31:33","slug":"8-steps-to-buying-a-house-in-alaska-part-one","status":"publish","type":"post","link":"https:\/\/alaskahomesbybrooke.com\/2021\/05\/10\/8-steps-to-buying-a-house-in-alaska-part-one\/","title":{"rendered":"8 Steps to Buying a House in Alaska \u2013 Part One"},"content":{"rendered":"<p>Buying your own home is the American Dream. It\u2019s an exciting process, but it\u2019s not always easy. There are many things that can impact the type of home you can buy and how much it will cost, such as the local economy, housing market and your financial state. The more informed you are about the steps to buying a house, the easier it will be to navigate your choices.<\/p>\n<p>Over the next two articles we will share 8 ways to prepare to buy a house in Alaska.<!--more--><\/p>\n<ol>\n<li><strong>Become friends with your money<\/strong><\/li>\n<\/ol>\n<ul>\n<li><strong>Know your credit score<\/strong> \u2013 A credit score of 620 is required for most conventional loans. If your score is lower than that start building it now.<\/li>\n<li><strong>Know the cost of homeownership \u2013 <\/strong>Be prepared to save 1% of your house\u2019s value each year for repairs.<\/li>\n<li><strong>Know your debt-to-income ratio <\/strong>&#8211; You will want to spend less than 36% of your income on debt, which includes your mortgage payment, so keep your debt down. Your debts include credit cards, student loans, auto loans, alimony or child support, personal loans, and your mortgage.<\/li>\n<li><strong>Know how much down payment you can afford<\/strong> &#8211; For a conventional loan, you\u2019ll need a down payment of at least 20%.<\/li>\n<li><strong>Know what to expect with closing costs \u2013 <\/strong>Closing costs typically need to be paid out of pocket, so you will want to be prepared to have the savings to cover them. They are typically about 2-5% of the home price.<\/li>\n<li><strong>Know what you can afford \u2013<\/strong> Calculating how much you can afford for your mortgage payment is a very important step. Most lenders follow the 28\/36 rule. Total housing costs shouldn\u2019t exceed 28% of your monthly income and your total debt payments shouldn\u2019t be more than 36% of your monthly income (the debt-to-income ratio mentioned above). Don\u2019t forget to factor in your living expenses like groceries, health insurance, utilities, or your retirement savings.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><strong>Choose your neighborhood<\/strong><\/li>\n<\/ol>\n<ul>\n<li><strong>Home values \u2013 <\/strong>Choose a neighborhood you can afford to live in, and the property trends show that it will most likely appreciate, and you will be able to sell it at a profit in the future<\/li>\n<li><strong>Local lifestyle \u2013<\/strong> Choose a neighborhood that suits your lifestyle. Your neighborhood impacts everything from where you eat, to where you kids school and your daily commute.<strong><br \/>\n<\/strong><\/li>\n<\/ul>\n<ol start=\"3\">\n<li><strong>Don\u2019t go it alone<\/strong><\/li>\n<\/ol>\n<ul>\n<li><strong>Find a real estate agent \u2013 <\/strong>During the difficult process, a real estate agent can be your main ally. They are able to help answers questions and find other awesome professionals to help you with your needs along the way and make sure you get a great deal. We would be happy to help you!<strong><br \/>\n<\/strong><\/li>\n<\/ul>\n<ol start=\"4\">\n<li><strong>Get pre-approved for mortgage <\/strong><\/li>\n<\/ol>\n<ul>\n<li><strong>Be mortgage ready \u2013 <\/strong>Most sellers will not consider you unless you\u2019re pre-approved for a mortgage. They need the confidence that you\u2019re serious and financially ready to put in an offer.<\/li>\n<li><strong>Find a good interest rate \u2013<\/strong> Your financial health, the state of the economy, the length of your mortgage and other factors will all impact your interest rate. Having a lower rate can save you thousands.<\/li>\n<li><strong>Choose a good lender \u2013<\/strong> Choose a lender with a proven record of happy customers for the best outcome<\/li>\n<li><strong>Keep an eye on your finances \u2013<\/strong> Once you\u2019re pre-approved DO NOT do anything to void your pre-approval. If you make a big purchase or have your credit checked it can be disastrous. Plan ahead for big purchases.<\/li>\n<\/ul>\n<p>The home buying process doesn\u2019t need to be scary. It\u2019s all about figuring out how to get started, how much you can afford and learning the terminology, such as \u201camortization.\u201d Finding an ally in a real estate agent will help you to have a leg up in the home buying process. We would be happy to help you answer any questions regarding buying a home or managing a rental property. In our next article we will share <a href=\"https:\/\/alaskahomesbybrooke.com\/2021\/08\/13\/8-steps-to-buying-a-house-in-alaska-part-two\/\">4 more steps to buying a house in Alaska<\/a> and getting yourself into the home of your dreams.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying your own home is the American Dream. It\u2019s an exciting process, but it\u2019s not always easy. There are many [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1076,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[27,41],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Steps to Buying a House in Alaska | Best Realtor in Anchorage<\/title>\n<meta name=\"description\" content=\"Buying your own home is the American Dream. 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