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Lending Partners

Alaska Housing Finance Corp (AHFC).  - affordable loans, weatherization programs and more for Alaskan residents.

HomeChoice Classes - homebuyer education through AHFC

Fannie Mae - government-sponsored mortgage loan investment company

Interior Regional Housing Authority - serves Interior villages through the Dept. of Housing and Urban Development.

Home Purchase Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.

In General....

A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Spirit of Alaska FCU Mortgage Team, it should be an efficient, pleasant, and ultimately rewarding experience.

Count On Your Real Estate Agent To:

  1. Preview available homes to weed out those that are overpriced, or undesirable in some other way.
  2. Present the homes that suit your needs as you've defined them.
  3. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  4. Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!

Count On Your Spirit of Alaska Loan Officer To:

  1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
  2. Keep you informed of your loan status throughout the entire process, which will take about 30 - 45 days, depending on the type of loan.
  3. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).
  4. Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.

Count On Yourself To:

  1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
  2. Talk to your Spirit of Alaska Loan Officer about any information that changes from your initial loan application. For example, a change in employment may require additional documentation or verification from your employers.
  3. Keep in mind that new credit items or a change in balances of your existing credit or asset accounts can impact the overall Loan Approval.
  4. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
  5. Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.
  6. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
Spirit of Alaska Federal Credit Union - NMLS#: 402231 NMLS #477932
1417 Gillam Way, Fairbanks, AK  99701
Office:  (907) 459-5974
homeloans@spiritofak.com
Copyright © 2018 Spirit of Alaska Federal Credit Union
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