Alaska Pacific Bank offers a wide variety of home loan choices. So many, in fact, it is possible for the associated terminology to sound foreign when first introduced to it. Our Home Loan Team is committed to helping you become more familiar with this language, and to giving you the most accurate and complete information so that you can make the best financing decision for your circumstances. We hope you find the following information is a helpful introductory course in the language of home loan choices.

Conventional Fixed Rate Loans

We offer a variety of terms for fixed rate loans, which means your interest rate is determined at the time of lock-in and remains the same for the term of the loan. Secondary financing solutions are also available to credit qualified buyers who would like to avoid mortgage insurance but who don’t have a full 20% of the purchase price to put down.

Reset/Balloon Mortgages

We offer reset mortgages, which have a balloon at the end of a time period, or "reset" to the current interest rate plus a small margin at the end of that time period. These mortgages offer a lower interest rate than a typical 15 year fixed rate loan, but are amortized over a 30 year period, offering you a low payment option.

Adjustable Rate Mortgages

We offer a variety of Adjustable Rate Mortgages (ARMS), which typically offer a lower interest rate than a fixed rate mortgage product. The interest rate on these mortgages can change over time, going up and down with the market at intervals determined by which type of ARM you choose.

Government Insured Loans

USDA-RD: The United States Department of Agriculture-Rural Development Division offers loan programs in all areas of Alaska excluding Fairbanks, Anchorage and Juneau. These loans are advantageous to the low to moderate-income borrower, offering a low to no downpayment option.

VA: For Veterans, Alaska Pacific Mortgage offers VA guaranteed loans to provide a low or no down-payment option in all areas of Alaska.

FHA: FHA loans are guaranteed by the Federal Government and are an excellent choice for a home-buyer looking for a low downpayment.

Alaska Housing Finance Corporation (AHFC) Loans

AHFC is our Alaska investor, and offers several programs that may be beneficial to you. If you are a first time home buyer or fit in to low to moderate income, or if you are building or purchasing a brand new home your loan officer has excellent options from AHFC to work with to get you the lowest interest rate and down payment.