Alaska Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Geographically, Alaska is in a unique position as an American state, because it is attached to Canada in the north, to the west of the Yukon. It is not part of the continental US. Its largest cities are Anchorage, Juneau, Fairbanks, Sitka, Ketchikan, Kenai, Kodiak, Bethel, Wasilla and Barrow. The weather is varied throughout the state with cold winters and warm summers, but even in the summer a jacket or sweater is needed once the sun goes down.

Like other states, Alaskan home owners are facing their own crises when trying to find assistance to refinance payments on their mortgages. Despite the fact that interest rates might be favorable, Alaska mortgage refinance is not trending upwards. In fact, foreclosures are very real scenarios for many people. As a result, the HUD has recently announced that it will commit $3.9 million to Alaskans as bridge loans to help them avoid losing their homes. The loans are no-interest, and assistance will be provided for two years to a maximum of $50,000. The monies must go to mortgage back payments, interest, insurance premiums, or even the principal. To qualify, homeowners must find themselves in one of three different circumstances. They must be able to prove that the foreclosures were a direct result of involuntary job losses, underemployment (meaning they were required to take a cut in pay or were forced to take a job at a rate considerably lower than previously), or medical conditions.

Further, Alaska is a "community property state". This means that anything one of the couple owns before the wedding is part of the marriage as a whole. Because of this, husbands' and wives' finances and credit scores are more closely aligned since one can be responsible for the other. For example, if the wife owned a cottage before the marriage, and the husband racks up thousands of dollars in debt in his name, the creditors may legally target the cottage for repayment. Where other areas might allow the wife to refinance the home in her name to avoid the issue of the husband's debt, this may or may not be possible with an Alaska mortgage refinance.

Interestingly, Alaska is one of the most expensive states in which to own a home. According to various surveys conducted by the real estate and mortgage industries, in terms of final costs when obtaining an Alaska mortgage refinance, Alaska is near the top almost on par with California, a state known to have a highly expensive real estate market.

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