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Best Mortgage Rates in Alaska
If you're looking for a low mortgage rate in Alaska, your best bet would be to look at small direct and online lenders, like most of the companies listed below. However, lenders with the lowest rate may not provide the best overall value, as they may lack resources in other areas including providing customer service or availability of loan products.
Lowest Mortgage Rates for Alaska
|First Internet Bank||4.13%||4.23%||$969||$4,465|
Estimates are for a 30-year fixed-rate mortgage for $250,000 with a 20% down payment and 740 credit score. Estimates include points but don't include origination fees and other closing costs.
When looking for a lender to finance your home in Alaska, you should consider many factors in addition to mortgage rates. These factors will depend on your needs as a borrower but tend to include customer service quality, accessibility and loan products offered. For example, although Quicken Loans doesn't have the lowest rates, it ranks as the most popular mortgage lender in the country because of the exceptional service it provides. Below, we found the best lenders in Alaska for different homebuyer needs to help you in your search.
Best Mortgage Lender for First-Time Homebuyers: Wells Fargo
Wells Fargo doesn't have the best reputation as of late due to charging mortgage applicants rate extension fees that should have been covered by the company. Despite this, it is one of the most widely available banks in Alaska and accounts for a significant portion of mortgages in the state, which is why we chose the lender as our pick for first-time homebuyers.
First-Time Purchase Mortgages in Alaska
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.50%||5.04%||$1,320||5.0%|
Estimates are for a $250,000 home purchase with a minimum down payment and 740 credit score.
With 45 banks spread throughout 30 cities in Alaska, Wells Fargo is an accessible option for borrowers who prefer in-person service for their first mortgage. On top of this, Wells Fargo offered the lowest monthly payment while allowing the borrower to put down only 3% of the home cost, making the bank a relatively cost-effective option.
Wells Fargo is being ordered to change its practices and has put goals in place to become a leader in customer service and advice in the United States. However, if taking out a mortgage with this lender doesn't work for you and you want in-person service, we recommend looking at regional lenders, such as Alaska USA Mortgage Company and Northrim Bancorp.
Best Online Mortgage Lender: Quicken Loans
If you're looking to use an online lender in Alaska, Quicken Loans is the best option thanks to its highly recognized customer satisfaction and user-friendly website. It offers several types of loan products and services the majority of its loans for the mortgage term length.
Quicken Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I|
|30-Year VA Fixed||4.50%||4.91%||$1,382|
Estimates are for a $250,000 mortgage with a 20% down payment and 740 credit score. The APR and monthly costs for adjustable-rate mortgages (ARMs) can increase based on changes in the index rate.
Although Quicken Loans doesn't have the most competitive rates, the lender prioritizes convenience for the borrower by offering fast service and great customer support. According to J.D. Power, Quicken Loans has consistently ranked as the top lender for mortgage originations and mortgage servicing. And to ensure continued great service, Quicken Loans services 99% of the loans it originates.
If you're going with an online lender, Quicken Loans is hands down the best option. However, if the lender is too costly for you, it may be beneficial to look at some of the smaller online companies, such as Guaranteed Rate or SoFi Mortgage. These companies still offer great service but may have more competitive rates and monthly payments.
Best Lender for In-Person Service in Alaska: Alaska USA Mortgage Company
Alaska USA Mortgage Company ranks as the best lender for in-person service, as it originates the most mortgages in the state, according to data gathered from S&P Global. Unfortunately, the lender does not advertise its rates, but you can get a free quote by clicking on the banner above.
Mortgage Products at Alaska USA Mortgage Company
- Fixed-Rate Mortgages
- Adjustable-Rate Mortgages
- Conventional Loans
- FHA Loans
- Jumbo Loans
- USDA Loans
- HUD - Section 184 Loans
Since the company is a regional lender, Alaska USA Mortgage Company is a great option for Alaskan homebuyers who want a lender experienced in helping fund a significant share of homes in the state. The company has over 30 years of experience and has expanded into a two other states to serve more borrowers.
Alaska USA Mortgage Company has 11 offices in nine different cities in the state and provides a list of the loan originators in each city, each of which you can contact by phone. The lender also provides a mortgage resource center with answers to common questions, budget worksheets and mortgage calculators.
Best Lender for a VA Home Loan: USAA
Based on its expertise and high customer satisfaction ratings, USAA is the best lender when looking for a VA home loan in Alaska. In addition to great service, the lender offers borrowers a real estate network with agents trained in meeting the needs of USAA members.
Best VA Lenders in Alaska
|Lender||Rate||APR||Monthly P+I||Estimated Points and Fees|
|Navy Federal Credit Union||3.88%||4.18%||$1,058||$11,081|
|Wells Fargo||4.50%||4.84%||$1,178||$13,172 (includes closing costs)|
Fixed-rate estimates are for a 30-year VA loan of $225,000 with a 0% down payment, 2.15% to 3.30% VA funding fee and credit score of 740.
USAA is one of the most well-known companies for servicemembers, and many choose to enroll in all types of financial products with the company. If you qualify for membership from USAA or are already a member, you'll have access to real estate agents and loan officers trained in helping servicemembers find and finance homes. It is not the cheapest lender in terms of rates and monthly payments, but with all the other perks USAA offers, the value the company provides is worth the extra cost.