Home Loans by Alaskans, for Alaskans.

You don't have to be a member to start a mortgage application with Credit Union 1. Should you decide to continue with your mortgage options, you'll need to become a member by applying a $5 dollar deposit into a savings account. This $5 maintains your co-ownership of the credit union.

Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low-interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.

Also, unfortunately, the APR doesn't include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you'll probably have to pay them.

For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Look at total fees, possible rate adjustments in the future if you're comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don't forget that the APR is an effective interest rate--not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

The maximum percentage of your home's value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our online application.

General Statement

The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires. The rate is locked for 60 days from the date a property is identified and Credit Union 1 is notified.

Lock-In Agreement

A lock is an agreement by the borrower and the lender and specifies the number of days for which a loan's interest rate is guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate. Should interest rates fall during that period, the borrower may request a one-time relock at the lower rate.

Fees

We do not charge a fee for locking in your interest rate.

Lock Period

The rate is locked for 60 days from the date a property is identified and Credit Union 1 is notified. This means your loan must close and disburse within the 60 day time period. If the loan does not close and disburse within the initial 60 day lock period, the rate will be relocked at the current rate for an additional 60 days.

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we may be able to issue an approval subject to you finding the perfect home. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.

When you find the perfect home, simply call your Real Estate Loan Representative. You'll have an opportunity to lock in our great rates at that time and we'll complete the processing of your request.