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Mortgage Loans 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 15, 20, and 30 year 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. Interest rate lock-in can happen as early as Pre-approval. Down payment on a purchase can be as low as 0%, with no income limit or first-time home buyer requirements. 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 5 and 7 year reset mortgages, which have a balloon at the end of the 5 or 7 year term. 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.

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 lower down payment and interest rate.

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

Alaska Housing Finance Corporation (AHFC) Loans
AHFC is our Alaska investor, and offers several programs with lower interest rates that can be tied to our loans. 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. AHFC is also offering a new "Teachers and Nurses" program for a no down payment option for borrowers in those professions.

 

 
   
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