Spotlight on Alaska – Thousands of Coastline Miles, Great Fishing and Gorgeous Vast Expanse

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Sitting down with a true Alaskan, mayor of North Pole Douglas Isaacson, was a real pleasure and with all the interesting facts and information about the town, area and region – we just had to share it with you. So get ready to learn about a great state that, aside from a few really general things like “no daylight” and “whale watching”, not too many people really know too much about.

Winters in Alaska Are Fun!

Believe it or not, there is more to do in Alaska than to watch whales and wait for the few hours of daylight to pop around. Since North Pole, Alaska is considered the Christmas capital of the world, in a sense, the winter wonderland keeps its holiday stature all year round. Though you will not find skiing as a winter activity in the great state, you will find amazing ice sculptures that are created by artisans from around the world and celebrated globally. Here’s a link that shares the incredible designs and structures that are all centered on Christmas themes.

Living in the North Pole

Aside from Santa (you can catch a glimpse of him on the Santa cam here) people that live in the North Pole feel it’s a great place to live. Located in between two military bases, the city is Southeast of Fairbanks, Alaska.

Keeping with the Christmas theme and reputation for being Santa Claus’ hometown, you will find plenty of holiday decorations, year around. There are many street roundabouts that are decorated with candy cane light posts and thousands of lights.

One thing that proves very challenging for residents of North Pole is the cost of electricity. An astronomical $1000 or so each month to power (including heat) the average 2,500 square foot home is typical. Compared to the lower 48 states, this is almost four times as much in many cases.

If you do decide to move to the great state of Alaska, particularly to the North Pole area, the cost of an average home is currently about $225,000. Contrary to popular opinion, there is a reasonable amout of daylight in the region and even during the winter solstice when the days are shortest of the year, the extremely bright moonlight illuminates the entire area fairly well. Situated about 120 miles south of the arctic circle, North Pole does have limited daylight of only three hours but temperatures are deceivingly warmer than they may appear when you factor in the “what it feels like” scale. Where in the Midwest, for example, the wind chill factor might make a 37-degree day feel more like 20 degrees – the opposite holds true for this part of Alaska.

Hanging Out For Recreation in Alaska

There are a lot of beautiful aspects to life and time spent in Alaska – such as the extraordinary fishing industry and everything that goes along with it. Though not commercial fishing, there are plenty of opportunities for recreational fishing. To learn about licenses that are required by the state, visit the official Alaska website.

If you travel during the week of July 4th when it is hot and humid in most states, you’ll be pleasantly surprised by the comfortable temperatures and wonderful festive activities planned each year in the North Pole. The summer festival includes lot of fun for families, including a parade and fair-like atmosphere.
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If you are looking to explore new potential places to live or visit – you should definitely go to Alaska, making it a point to try to see as much as you can while there. Amid much natural vast beauty is the fabric of the region, it’s diverse cultural melting pot of people ranging from Native Americans to Russians and so many more. Considering purchasing a home there? Be sure to check with your local Realtor who can help you find the perfect agent up there with experience in anything from military moves to long-distance relocation and of course one that is well versed in the Alaskan landscape.

Financing New Construction: Locking in Low Interest Rates

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There are 2 types of loans when you build a new home. There is the short term loan, also known as the “builder’s loan” or the “construction loan.” This is the loan for the construction of the home. Then, there is the long loan. This is the loan that pays for the home over a number of years. Since rates are at an all time low for this type of loan right now, it’s important to lock those rates in so they don’t’ climb on you in the coming years.

“Builder’s Best” Program

The “Builder’s Best” program acts as an insurance policy against future interest rate rises. You are able to lock in on an interest rate, based on today’s historic low rates. It can be locked in for 6 months, 9 months, or even up to a year.

The “Builder’s Best” program establishes a ceiling interest rate. That means whatever the interest rate is when the program is set up is the highest the interest rate will ever get. If the interest rate drops while the house is being built, you have the ability to adjust it to the lower interest rate, too. Once the house is 60 days from completion and the interest rate is down from what it was when the program was initially started, the buyer has the ability to re-lock the interest rate.

If the rates rise during the construction phase of the home, there is no worry of the interest rate on your loan rising. Once you lock in a rate it cannot go higher than that. You can even lock in a lower rate years down the road with a small fee.

How Much Does the “Builder’s Best” Program Cost?

Prices will vary from year to year, and even month to month. Currently, on the 10 year adjustable rate, all that’s required is a 1% deposit. Additionally, you will get that deposit back at closing. For a fixed rate “Builder’s Best” loan, there is a small fee. For example, for a $200,000 home you could expect to pay approximately $1,000.

Buy Discount Points for Additional Savings

There is a way to lower your interest rate even more and that’s through the use of discount points. Discount points are fees paid to a lender at closing to lower your mortgage interest rate. When using this strategy to bring your interest rate down, however, it’s important to make sure that the amount you’re paying for the discount points doesn’t exceed the amount you will be saving in interest.

Want to hang onto today’s interest rates tomorrow? The “Builder’s Best” program allows you to lock in today’s historic low interest rates. Even if the rates sky rocket in the coming years, you will be left paying the interest rates of today with this great program.

Keeping a High Credit Score: A Fundamental Element to Buying a New Home

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One of the most important things when buying or building a new home is to have a good credit score. Yet, good credit takes time to build. Credit scores are important and need to be taken into consideration when doing any sort of financial planning. There are, however, some practical things you can do today and in the future to keep your credit score low so it’s low when you’re ready to buy or build a home.

Why are Credit Scores so Important?

With the changing economic times, credit scores are becoming more and more important. They are the barometer those lending money use to see if you are worth the risk of lending money to for a new home, or anything else you might consider asking to borrow money for.

Credit scores vary widely from 300 to 850. Anything you do where you borrow money, such as buy a new home or car, is influenced by your credit score. The higher your credit score is the better. It’s important to monitor your credit score so you know what it is and where you stand if you wish to borrow money.

How is A Credit Score Determined?

Each credit reporting agency has their own formula of how they determine a credit score. In general, however, a credit score is determined by:

1. Making Payments on Time (35% of score): Making a late payment can impact you for years to come. Always make your payment on time for great credit.

2. Amount of Revolving Debt (30% of score): The less you owe on your credit card compared to how much you can borrow on your credit card, the better. The ideal credit score has 2 or 3 lines of revolving credit. It’s not just credit cards that’s included in revolving debt, it includes any type of credit lines.

3. Length of Credit Accounts (15% of credit score): Have a higher available credit limit on fewer cards. This strategy will give you the amount of credit you need but will allow you to have a better credit score with fewer accounts opened in a short time period.

4. New Credit (10%): The term “new credit” as it relates to your credit score is a combination of “credit inquires” and opening up new credit.   “Credit inquiries” are when you apply for a new credit card or line of credit and your credit has been checked. The last 90 days before you make a major purchase are the most important when it comes to credit inquires. Plan ahead and don’t apply for any form of credit before you make a big purchase so this inquiry doesn’t show up on your credit report.

The important thing with credit is remembering it’s not something that can be fixed overnight. So it is not something that should be taken lightly. It’s important to review each component of what makes up the credit score and practice good habits consistently in the long term. In the end, you will be left with great credit and the ability to buy the exact type of house you want when you want.

Check out these FREE forms to help you with your credit score:
- Where is Your Credit Score Heading?
- Credit Flyer