You’re an experienced home buyer. You have financed a home before, but chances are that circumstances have changed since your last mortgage. Perhaps you have a growing family that has gotten too big for your current dwelling, or maybe it’s time to downsize the “nest” as children grow up and leave for college. In addition to changes in your own personal circumstances, the housing market is constantly evolving.
First National Bank Alaska understands Alaskans’ unique home buying needs. Our experienced Loan Specialists can create customized solutions to help you achieve your home ownership goals, and we can help your adult children navigate their first home purchase.
There are a number of options, and one of our local First National Bank Loan Specialists would be happy to find the right fit for your circumstances. There are Federal Housing Authority (FHA) loans available for home improvements and renovations. Also, Alaska Housing Finance Corporation offers a second mortgage for home improvement that might fit your needs.
Something to keep in mind when shopping for a home renovation loan is that it’s important to accurately establish project costs in advance. Whether your contractor has provided a quote, or you plan to do the work yourself and have estimated your own costs, check and double-check for accuracy. Another factor in deciding on a home renovation loan is whether you have sufficient equity to secure the loan. Your First National Loan Specialist can help determine this for you.
First National Bank Loan Specialists provide local service, coupled with a strong knowledge of national trends and federally-backed loan programs. Local service also means that we underwrite and close our loans in Alaska—all phases of your loan processing are handled in Alaska. Chances are that your needs are now very different from when you first sought a home mortgage. Let one of our Loan Specialists show you how we can design a better home loan package for your evolving homeownership goals.
Many people have outgrown their current home, but would like to rent it out instead of selling. This could be the ideal solution for you, but it’s very important to take into account a number of factors that could impact your decision. Potential landlords need to be prepared for all the responsibilities that come with having tenants, and they also need to have done their research on what they can expect to charge for rent. You might consider hiring a property management company, or at a minimum, know the names of a few good plumbers, electricians, and handymen.
There are also tax implications you’ll need to consider and separate rules for mortgages on a second home. A First National Bank Loan Specialist can help you navigate this process and find the perfect lending solution for your needs.
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