Fixed-Rate Mortgage Loans

Fixed-rate mortgages are the most common mortgage for first-time homebuyers because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan - whether it's a 15 year, 20 year or 30 year mortgage - allowing for predictability in your monthly housing costs.

Benefits of a fixed-rate mortgage

• Your mortgage payment won't be affected if interest rates increase. This is especially helpful if you plan to own your home for 5 or more years.
• You know what your monthly mortgage expense will be for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
• While your actual mortgage payment will not change, your total monthly payment can occasionally increase based on changes to your taxes and insurance. In many cases you can choose to pay these costs as part of your monthly payment through an escrow account.

Getting started

Once you have met with an Alaska USA Mortgage Company loan originator and reviewed the variety of loan options, you can move forward and get prequalified. Your loan originator will review your credit report and explain how your credit affects your purchasing power.

Your loan originator will give you a list of documents that you need to bring in to be reviewed by local underwriters. Common documents requested are:

• Pay stubs for the most recent 30 days
• Complete bank statements for the last two months
• Most recent investment information, such as IRA or 401(K) statements
• Most recent two years tax returns with all supporting documentation such as W-2 forms

Alaska USA may ask for additional items that are required based on the specific loan that you choose based on your financial status or situation.

Don't forget, the choice is yours when it comes to selecting the title and escrow agency, acting as the neutral party for you and the seller.