Lender Resources

Whether you are looking to buy or refinance, the choices may seem overwhelming - and they often are.  The most important thing you can do is to choose a lender who is FAMILIAR with our local real estate market, who is KNOWLEDGEABLE and ENGAGED which will provide you with accurate information and good service, and who works for a company which offers COMPETITIVE fees & rates.

Locally, most lenders fit this bill....but if you go "on-line" one of many things can happen:

1)  Even if you call the "local" outfit on their "800#" or go to their national website, you are most likely going to be passed off to whomever is up next in their rotation.  It might not even be someone local, and it may be some poor salaried schlub who has dozens and dozens of files!  Be prudent, don't apply via 800#s or on generic big-bank websites.  Worse yet, if you do that first, figure out that was a mistake and then try to go visit a local or in-state branch of the same company to get personal service they may not *let* you switch because you are already in their "system.   Even if you DO go to a specific person's local website who otherwise gives good service , I and my clients have noticed that typically website applications don't get the same prompt/thorough attention that calling in and arranging to bring in docs does.  Making that effort matters.

2) Out of State Lenders who are not well represented here may have no clue whatsoever what a water holding tank is, or what a post on pad foundation is...or even that our appraisers don't comment on septic systems.  This could mean their fees change, or that you could be denied a loan due to THEIR ignorance or worse yet lose your up front application fee...which bring us to:

3) Up front application fees.  I'm not aware of a SINGLE lender that I work with here in Fairbanks or in Anchorage that charges a separate "application fee".  They will collect money to pay for a credit report, and after your hire them later to pay for other legitimate and reasonable fees - but NOT just to "apply".  Beware of this.

4)  And finally, I've just had WAY too people who later became clients almost get zinged early on by fees from many internet lendes who promise great deals, because they just didn't realize some fees were excessively high or weird for our area...until it was too late and they were in a position to lose money if they switched lenders.

Here are some recommendations for lenders who have repeatedly served my clients and customers with superior knowledge, ability and service over many years.  They represent a cross section of different TYPES of lenders depending on your possible preferences regarding banks vs. credit unions, purely local vs. in-state lenders, big national banks, etc.   Remember that the best professionals are busy so be prepared to leave a voice mail or email.  Lenders are no different, but you should expect a response within 1 business day however (unless they are out of town).

Okay, last of all:  you don’t have to talk to ALL of them, but I do recommend you speak with more than one.  You will be talking to this person, responding to ongoing requests for information – for weeks.  You need to be comfortable that they will answer your questions in detail, trust them, communicate well with them and ideally: LIKE them.  Depending on how much I know about your situation and loan type, I may ocassionally recommend one over the other to my buyer and seller-clients as particular loan types may be more familiar to certain folks.

Oh and yes, all of these lenders can do AHFC (Alaska Housing Finance Corporation Loans) like the first time homebuyer or veteran's mortgage preference.  Any approved in-state lender can...but not one who is only out of state!

Here we go:

Nicole Chance
Spirit of Alaska Federal Credit Union (formerly known as Northern Schools FCU)
V: 459-5985  F: 459-5980   nicole.chance@spiritofak.com

Ann'e (pronounced Annie) Forkel
Alaska USA Mortgage Company
V: 374-5485  a.forkel@alaskausamortgage.com

Dawn Williams
Denali State Bank
458-4278  dwilliams@denalistatebank.com

Renee Piszczek
Mt. McKinley Bank
452-1751

And just so that you have a general idea here - *roughly*  this is what most standard lenders are going to calculate if you have good credit scores (good is relative to the loan program):

Your Gross Monthly Income (before taxes are taken out)multiplied by about 41% (for an FHA loan) or about 36% (for a conventional loan)  then subtract the minimum payments of your monthly debts (note: debts do not include insurance, groceries, utilities, rent, etc…only loans, cc’s etc)… and what is left is the estimated maximum of what your mortgage payment is allowed to be  So For example:

$4000 gross monthly income
X .41 =
----------------
$1640
-260 car pmt
-75 cc pmt
-80 recreational vehicle pmt
----------------
$1225 = max monthly house payment (payment = loan, interest on the loan, monthly property taxes and monthly homeowner’s insurance as well as private mortgage insurance if you are putting less than 20% down).

Now, I know you are asking what does $1225 translate into for a loan--and the short answer is that it depends on LOTS of factors, like downpayment, interest rate and more, so its best to ask your lender that question.

A final warning:  It's wisest not to allow any lender to run a credit report on you (they can’t unless they get your social security number…) until you have picked the one you want to use…multiple credit report inquiries can lower your credit score and cause you to have to pay a higher interest rate or fees for the same loan!  If you want to know *sort of* what your credit rating is (it won’t be exactly the same as a mortgage credit report) then go to one of the free on-line credit report services and get it yourself.  Be careful when you do this and many of these programs give it to you for free but unless you are watching often include small print that says “unless you Unclick this box, you’ll be charged $69.95 for quarterly updates to your credit report….” Or some such nonsense. So READ CAREFULLY.  (Personally I prefer the services where you pay a few dollars for it and get all 3 in one)

There are other "add-on" programs that can assist people in certain categories qualify for a loan (for example, lower income families)  for links to some of those, please visit the "Lending Links" section of my website.

I hope this information was helpful to you.

“Be Served, Not Sold”
Lori Price, Broker/Owner, ABR, CRS, e-PRO
LookwithLori, Inc. Residential Real Estate