Southeast Living April 2011

April 2011 • Vol. 1 • No. 2

REFINANCING 101 Know when, why and how.

– page 3

CRUNCHING NUMBERS

Report details Juneau housing needs.

– page 5

IMPROVE YOUR CREDIT

5 useful tips to raise your score.

– page 8

Photo by ANNA HOKE HOME OWNED BY BONNY MILLARD Not for sale

Call me today and let’s discuss your Real Estate needs.

Marty McKeown

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Cell: 907-957-2313 • Office: 907-789-4794 • Toll Free 888-777-6543 martymckeown@yahoo.com • www.homesinjuneau.com

BROKER | OWNER

SEE PAGES 6 & 7

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Nobody Sells more Real Estate than RE/MAX TM

Table of Contents Letter from the Publisher

Consult with the Pros loan or refinancing is the reason they do what they do. There’s not always a quick and easy fix, but the solution won’t take an eternity either.

By Charles L. Westmoreland Hi, my name’s Charles and I’ve struggled with bad credit.

(Hi, Charles.)

That’s not an easy thing for someone to admit, so I thought I’d be the first. There’s a stigma associated with having bad credit, and many are embarrassed to admit they are part of that group. In an age where even employers run credit checks before making hiring decisions, those with low credit scores are sometimes shunned like a colony of lepers.

But you’re not alone. Not by a long shot. According to the Associated Press, in 2010 as much as 25 percent of all Americans had a credit score less than 600. A score like that makes financing a home near impossible in many cases.

Similar studies suggest that nearly half of all consumers are more than 60 days late on at least one payment.

Bad credit has a quicksand effect on people: After struggling to no avail some eventually give up hope and allow themselves to sink altogether. I’ve been there, and perhaps you have too.

But it doesn’t have to be that way, especially when so many local professionals are willing to offer free counseling to get you back on track. Some lenders offer free programs, and others will check in periodically to make sure you’re staying current on payments. They do this to help people like you and me make our dream of owning a home a reality. And in most cases the ability to tell someone they are approved for a home

Contact information: Southeast Living Magazine PO Box 20749 Juneau, Alaska 99802 info@seakliving.com

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Two lenders I’ve met with personally during the past few months offer such services, Residential Mortgage and Alaska Pacific Bank. They are among many other lenders in Southeast Alaska who realize that in small, isolated communities everyone is your neighbor and it’s more important than ever to work with people for the long haul.

Professionals from both of these institutions spoke of clients they worked with for more than a year to get their credit score up to snuff, and in the end these customer heard the words “You’re approved.”And it doesn’t always take a year, though every situation is different. In some cases it took just a few months to get these individuals approved. But what these situations share in common is that the future homeowners were willing to ask for guidance and then follow it.

Rather than let yourself sink with bad credit and swearing off any hope of buying your own home, find a lender willing to work with you. And don’t be discouraged if you do get the brush off. Not every lender will judge you by your credit score alone. You have more allies than you realize, you just haven’t met them yet.

• Charles L. Westmoreland is publisher of Southeast Living. He can be reached at Charles@seakliving.com.

Visit: www.seakliving.com

Call:

907.723.4419

Residential Mortgage Bethany Woods

RE/MAX Marty McKeown

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Pages 6-7

Refinancing 101 When is the right time to refinance?

One local expert says no time is better than the present.

Page 3

Alaska Pacific Mortgage

Repairing Your Credit Useful tips to help you get your credit score back on the right track.

Page 8

Residential Mortgage Vickie Perry Page 9

Page 3

Coldwell Banker / Race Realty Mike Race Page 4

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Business Directory Assist-2-Sell • Marty McKeown,

Alaska Department of Labor & Workforce Development Page 5

RE/MAX Scott Wagner

RE/MAX • JG Construction • JoAnn Birt, RE/MAX • Alaska Pacific Bank • Prudential Real Estate • Residential Mortgage • Bullwinkles

Prudential Real Estate Page 12

T h e B e s T P e o P l e M a k e T h e B e s T Co M Pa n y

Serving All Southeast Alaska

Bethany Woods Your Home Mortgage Consultant Lic #AK279796

907-523-7102

www.bethany-woods.com Conventional • FHA/VA Construction • Alaska Housing HUD-184 • Streamline Refinances Down Payment Assistance

Toll Free 877-570-2329

8800 Glacier Hwy, Ste 232 • Juneau, AK 99801 W W W.

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Refinancing 101: Know when, why and how

By Charles L. Westmoreland Southeast Living Editor’s note: Interest rates fluctuate daily and therefore the rates used in this story are approximations.

When is the right time to refinance your home? This is perhaps the most common question asked of mortgage lenders. Though individual situations vary from one homeowner to the next, the answer to this question is simple considering we live in a time where mortgage rates have dropped to alltime lows. In short, there’s no better time than the present.

“We should have a neon sign that says ‘Today,’” said Bob Mastrandrea, Vice President of Mortgage Lending for Alaska Pacific Bank. “Right now is the right time. You can’t sit around and wait for something to happen or nudge you to say, ‘OK, it’s time to refinance.’”

With more than 30 years experience as a mortgage lender, Mastrandrea said mortgage rates are back on the rise following the housing crisis that hit many

states years ago. And he doesn’t see rates decreasing drastically in the near future. The good news is that people are buying homes again. The bad news is that means rates will likely continue to rise.

them and what they hope to achieve by refinancing.

There are some common scenarios, however, that he believes can assist in determining if someone is a good candidate for refinancing.

1. Cashing Out Equity

“We had rates down “This is one of the most in the 3 (percent range) prominent platforms for months ago, and then refinancing,” Mastrandrea Bob Mastrandrea in the 4s, and now rates said. Cashing out is when are in the high 4s and low 5s,” he said. “The best thing to do a homeowner cashes out their home’s is lock in the rate and close out your equity. The money gained can be used for college tuition, remodeling, a starthome. up business, etc. This can occur by ei“Rates don’t usually jump that fast, ther paying down the original loan or though it did happen in recent months if the home’s value has increased (from when rates jumped from 3% to 5%. remodeling, for example) since it was Usually it would take 12 months for first purchased. that to happen.”

2. Inheritance Know Your Situation Individuals who inherit a home are Mastrandrea notes that refinancing is a often good candidates for refinancing, personalized decision, and it’s up to each especially if the home’s value has inhomeowner to decide when it’s right for creased or if the home’s interest rate is

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higher than current rates.

3. Paid Cash for Home Some homeowners pay cash rather than finance their home. In such cases where there is no debt against the home it can be used as collateral for a loan.

4. Improved Credit Rating If your credit score has improved since you purchased your home you can often receive a better interest rate.

5. From ARM to Fixed Rate Loan Individuals currently with an Adjustable Rate Mortgage can stabilize their financing with a fix rate loan, which guarantees the same interest rate for the lifetime of the loan. Adjustable rates are guaranteed for a certain period of time and are then adjusted periodically.

6. Increase in Income Have you received a promotion or pay increase? If your debt to income ratio has improved that will likely result in a more favorable rate, Mastrandrea said.

Continued on Page 10

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Let’s meet in person and talk about your real estate needs.

Visit our office at 2103 N. Jordan Ave., call us at (907) 789-0555 Mike Race, BROKER

– Elfin Cove –

The Hobbit Hole

$2,000,000

This property is as beautiful as it looks, featuring 3 houses on 4.6 acres of private land. The homes are nestled against a natural harbour and has a creek that flows through this elegant property. And wait until you hear about the extras! This property also includes a shop, 90’ float and a floatplane dock. #10060

– Juneau –

Papa Murphy’s 9108 Mendenhall Mall Road

$295,000

Here’s your chance to become part of a well-established franchise and household name in Juneau, Papa Murphy’s! The space for this popular “Take & Bake” pizzeria, which also serves up pasta and cold non-alcoholic drinks, is now available for lease. But please do not disturb the operating business, and because this is a franchise opportunity it is subject to certain regulations (which are available). Records and financial information will require an offer and a signed confidentiality agreement. Call us to learn more about this business opportunity. #10388

– Juneau –

Lucky Lady

$980,000

Don’t pass on a great business opportunity. This popular bar in the heart of downtown Juneau near the waterfront contains the rich history of the Lucky Lady, Mary Joyce. The Lucky Lady is an Irish pub and is one of the most popular downtown hangouts among the cruise ship staff members who visit Alaska’s capital city every year. #10115

VISIT US ONLINE AT

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Report details need for more housing in Juneau

By Charles L. Westmoreland Southeast Living

price slipped to $295,000 from nearly cause many families plan their reloca$323,000 the previous year. Through tion around the school year. the first six months of 2010, the avSuch a low number of available erage single family homes is bad for Juhome sold for more neau’s housing marthan $313,000 after ket, Ciambor warns, being on the market because families unfor 79 days, selling able to find housalmost two weeks ing will eventually quicker than in previleave the region, or ous years. in some cases leave These numbers Alaska altogether. look promising for And the fewer the sellers, but Ciambor number of houses warns that the unon the market, the derlying problem is higher prices will the low number of continue to grow. homes on the marThis is paired with a ­– Scott Ciambor, JEDC ket, especially those dismally low number Affordable Housing considered affordable of available rentals housing. At one point in Juneau, hovering Coordinator in mid-February, 49 around 0 percent in homes were listed for 2010, according to sale in Juneau with another 49 homes JEDC data (that number isn’t a typo). pending sale. In past years the avail“The problem stems from not havable number of homes was double that ing enough options,” he said. amount. More homes are available Please See Page 9 during summer months, however, be-

Editor’s note: This is the first in a threepart series examining Juneau’s housing market. In this first piece Scott Ciambor, Affordable Housing Coordinator for the Juneau Economic Development Council, discusses JEDC’s housing needs assessment and what the data means. Part 2 will appear in our May issue. You can also read more online at www.seakliving.com.

“The problem stems from not having enough (housing) options.”

Getting a finger on the pulse of Juneau’s housing market is a numbers game. For the last year and a half Scott Ciambor has been crunching those numbers in order to better understand the city’s housing needs.

On the surface some of the data Ciambor collected as the Juneau Economic Development Council’s housing coordinator has revealed some positive indicators for Alaska’s capital city. For example, the average price of single family homes has increased each of the last two years after taking a sharp drop in 2008, where the average

Average Price of Single Family Home in Juneau, 2000 to 2010 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Price $198,706 $211,066 $219,551 $250,811 $279,244 $299,796 $315,656 $322,779 $295,061 $307,955 $313,144

Juneau Housing Needs Multi-Unit (Rental) Single Family (Rental) Multi-Unit (Owned) Single Family (Owned)

114 36 25 168

Source: JEDC

Serving Southeast Alaska The Alaska Department of Labor and Workforce Development matches job seekers with employers, provides career guidance and job training, and much more.

• ALEXsys - Alaska’s online job bank

• Unemployment insurance information

• The Business Connection for business services

• Employment counseling

• Veterans employment services

• WorkKeys testing and preparation

• Career support and training services • Job seeker resources

• Apprenticeship opportunities • Career and technical education resources

• Vocational rehabilitation information

Juneau

10002 Glacier Hwy, Suite 100 Juneau, AK 99801-8569 Phone: 465-4562 Fax: 465-2984 Job Seekers juneau.jobcenter@alaska.gov Employers juneau.employers@alaska.gov

Ketchikan

2030 Sea Level Drive, Suite 220 Ketchikan, AK 99901-6073 Phone: 225-3181 Fax: 247-0557 Employers ketchikan.jobcenter@alaska.gov Employers ketchikan.employers@alaska.gov

Sitka

304 Lake Street - Room 101 Sitka, AK 99835-7563 Phone: 747-3423 Fax: 747-7579 Job Seekers & Employers sitka.jobcenter@alaska.gov

ALASKA DEPARTMENT OF LABOR & WORKFORCE DEVELOPMENT

Alaska Job Center Network Jobs. Alaska.Gov Toll-free in Alaska 877-724-2539

The Alaska Job Center Network is an equal opportunity employer/program. Auxiliary aids and services are available to individuals with disabilities upon request.

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Call me today and let’s discu

SINGLE FAMILY

14321 Glacier Hwy

View, View, View From Every Room In This Spacious 3,072 Sq. Ft. Home. Built In 2005 This Cedar Beauty Sits On A 27,542 Sq. Ft. 12590 Glacier Highway Lot Overlooking Indian Cove. Skylights Make This 4 Bedroom, 4 Bath Single Family With Apartment Even Lighter And Brighter. Beautiful Single Family Home w/Apartment Wall Of Windows Looks Out On To A Expansive Deck In This Private Setting. Open Floor Plan, In Floor in Auke Bay! Newer home built in 1997, Radiant Heat, Granite Counter Tops, Hardwood Floors And 962 Sq. Ft. Of Garage. MLS: 9992 $869,000 main house has 3 Bedroom, 2 Bathroom, large living room plus two family rooms!

Lots of deck for grilling and catching the sun! Big 2 car garage with over-sized doors, high ceiling, paved parking with plenty of room for a boat. 550 Sq. ft. Apartment has 1 Bed and 1 bath, with separate entrance.

Asking price: $512,900

14050 Glacier Hwy

Newer construction in Auke Bay! This 3 bed, 3 bath home was built in 1996 and sets on a wooded half acre lot just past the Ferry Terminal. The fantastic kitchen opens to the living and dining room with vaulted ceilings and access to the huge wrap-around deck. Vast amount of storage. Priced to sell @ $349,900

4106 Aspen Ave

Beautiful single family ranch located in the Mendenhall Valley. Home was extensively renovated in 2006: 30 year roof, interior paint, vinyl windows, interior and exterior doors, bathroom and kitchen remodel, floor coverings, trim and heating system. 3 bedroom, 2 bath in 1606 sq ft. Living room and family room. $305,000

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3952 Portage

Valley attached on corner lot facing Portage, other side faces Duran. 3 bedroom, 1 1/2 bath. Extensive upgrades have been done over the past 2 years including flooring, light fixtures, bathrooms, kitchen counter tops and cabinets refaced. 1394 Sq. Ft. of living space, 1 car garage & fenced yard. All this & a view of the glacier from the Master bedroom. MLS: 10442. Only $249,900.

PR

IC

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9019 Gee St

Sweet Ranch Home in the Valley! This remodeled 4 bedroom 1 bath sits on a huge lot (11,142 sq. ft.) close to everything the Valley as to offer!

Many upgrades since 2004 include: new kitchen, boiler, roof, vinyl siding/windows, carpet, laminate floors, doors, bath fixtures, lighting and more! MLS# 10230. Asking price: $239,900

9016 Ninnis Drive

2552 Engineer’s Cutoff

New Construction almost complete. 70-80% finished 4 bedroom, 3 bath home atop of one of the most 5975 Sunset St unique lots in Juneau. Beautiful views of the valley.

Single family home on huge lot with large garage. Two Many high end features with a beautiful kitchen. Bamstory, 3 bedroom, 2 bath in 1619 sq ft of living space. boo flooring, jetted tub, coffee bar closet, tile flooring.

Great decks surround side and back of home. 12,000 Many featured complete and a few to go. Over an acre, sq. ft. lot with a 556 sq ft garage. Priced at $309,900 borders public land. MLS# 9321 Asking $329,000

Great house, great price in Montana Creek Subdivision! This 3 bedroom, 2 bath home sits on a large 17,644 sq. ft. lot on Ninnis.

One owner home, built in 1998 by Lowpete Construction features 2 levels, open kitchen and a huge great room. Master bedroom up and with other bedrooms down. Beautiful cedar siding, 2 car garage and an arctic entry. MLS: 9807. Price @ $399,900

8272 Garnet Street

Valley Ranch. 4 bedroom, 1.5 bath with 1 car attached garage. Large 11,850 sq. ft lot with fenced in back yard. “As Is – Where Is” sale.

MLS: 10311 Great Price @ $226,500

Nobody Sells more Real Estate than RE/MAX TM

907-789-4794

Toll Free 888-777-6543

www.homesinjuneau.com 8800 Glacier Hwy, Suite 219 • Juneau, AK 99801

Marty McKeown BROKER - OWNER

martymckeown@yahoo.com Phone: 907-957-2313

scuss your Real Estate needs.

CONDOS

As a life long, 3rd generation Alaskan raising a family here in Juneau, I appreciate knowing who I am working with especially when making a large investment such as a home. With over 20 years of Sales and Service in Juneau and Southeast I have what it takes to make buying or selling your home an enjoyable experience with results you can take to the bank. I am honest and hard working with quality Customer Service as my number one goal!

LOTS

SINGLE FAMILY

2 Gladstone Lots

Build your a Single Family Home, Duplex or Attached Homes on these 2 Gladstone Lots! 2 flat, sunny building lots in the Valley, last right before the Glacier...ready to build, all the site prep is done! Almost 3/4 of an acre each (30,750 sq. ft.) with utilites to each site. Zoned D-5.

Call for more info. MLS: 10101 & MLS:10102 $131,900.00 Each.

NHN Pioneer Lot

2400 Douglas Hwy Condo #10

3315 Pioneer Ave

Beautiful View From A Beautiful Saebroc Condo! This 2 Bed, 1.5 Bath Condo Sits Above Lawson Creek And Above Gastineau Channel, Enjoy Both From The Wonderful Deck. Updated Flooring, Hardwood Floors, Lighting, Baths And Kitchen. Separate Laundry Room. Carport.

MLS: 10275 $264,900.

Single Family w/Apartment has 4 or 5 Bdrm, 5 Baths and Family Rm in 2,592 sqft of living area. 2 car Garage. Living Rm has Downtown & Water View. Master Suite has spa Bath (jetted tub & separate shower) and 2 walk-in Closets.

Kitchen has walk-in pantry, Breakfast Bar & Breakfast Nook with water VIEW. Formal Dining Rm. $399,000

1.79 Acres on Horse Island!

Build your own island getaway on this huge Build Your New home on this 8,250 sq. ft. lot. lot...just one lot up from the water. Lot 1 Downhill side of Pioneer Ave. in West Juneau! Block H approximately in the middle of the isGreat Views of Downtown Juneau and Gastin- land on the East side. Great price for large lot only 15 minutes from N. Douglas boat launch. eau Channel. MLS: 9646 $87,500.

MLS:8014 $29,000.

Industrial Zoned Lot

Industrial zoned lot in the heart of Lemon Creek. Lot is 11,395 sq feet and has a condemned structure on it that needs removed.

Priced at $79,900

NEIGHBORING COMMUNITIES

Waterfront North Douglas Lot

On channel with water and mountain views!

Property located south of 5360 and opposite 5323. MLS: 8721 $89,900

Hoonah Lot

Beautiful building lot in Hoonah! this large 13,755 sq. ft. cleared lot already has a building pad and is ready for a home! Dalton Creek Subdivision is just outside of town and is one of Hoonahs newest neighborhoods. Water, Sewer and electric are at site. Building pad is approximately 50x60. MLS: 9915 Asking $64,900

Thane Road Waterfront Lot!

Tenakee Hot Springs

Crest Condo B201

Condo living at its finest in the much sought after Crest Condos at Lawson Creek. Incredible views of Gastineau Channel and surrounding mountains. This is a level walk in unit with no stairs. Immaculate with 2 bedrooms and a possible 3rd that is now being used as a den.

2 bathrooms, Large master suite with walk in closet in 1328 sq ft. , covered balcony. Enjoy a garage and Washer/ Dryer in unit. MLS: 10164 Price to sell @ $289,900

507 Tenakee Ave Tenakee Springs

Family home, one and a half story with a view of the inlet. 3 bedroom, 1/2 bath in 1,035 sq ft of living space. Wraparound porch, deck, shed, metal roof, wood stove and monitor are just a few of the many amenities. MLS: 10340 $179,900

LOWPETE CONSTRUCTION

Beautiful Custom Home in Tenakee Hot Springs! This Single Family home sits on a huge 9375 sq. ft lot, rare for this town. Two building cedar home connected with a coverer wrap around deck. 2 bedrooms, 1 bath with nice open kitchen. Hardwood flooring, large woodstove for cooking plus another for heat. Monitor type stove in 2nd building. Home is approx 80% finished with materials on site to help with completion. Beautiful water views, lot in front is vacant. MLS:10202 Asking Price $299,000.

Waterfront Lot on Thane Road! Almost one acre on the water at the very end of Thane.

Nice building spot on the road side with wonderful view of Gastineau Channel. MLS 9256 $199,900

REMOTE Waterfront on Shelter Island

Directly across from NOAA Facility on Lena.

Nice flat beach with decent moorage. Tool shed, water tanks, heating fuel tanks, skiffs, wired for generator power .. power connected to both cabins it all there! MLS: 7247 Asking $139,000

LOWER YOUR ENERGY BILLS 1 OF 30 PLANS - 50-YEAR ROOFS, FIVE STAR ENERGY RATED HOMES

8139 East Street

8143 Easy St

8147 Easy Street

8151 Easy Street

• Lot 8 Erin Manor III Subdivision • 3 bedroom/2 bath • 1864 sq. ft.

• 616 sq. ft. garage NOW...

• MLS 9300 $339,900

• Lot 9, Erin Manor III Subdivision • 4 bedrooms, 2 bath • 2044 sq. ft.

• 480 sq. ft. garage NOW...

• MLS 10024 $359,900

• Lot 10, Erin Manor III Subdivision • 3 bedrooms, 2 bath w/option of 4th bedroom • Larger garage • 1736 sq. ft.

NOW...

• 330 sq. ft. garage $339,900 • MLS 10023

Lot 11 Erin Manor III Subdivision 4 bedrooms 2 bath 1832 sq. ft.

392 sq. ft. garage NOW...

MLS 10070 $339,900

Select one of LOWPETE’S lots or provide your own lot. Interest rate reduction for AHFC financing.

Feeling Like Your Credit is in Disrepair?

Here are 5 Quick Fixes to Improve Your Score

By Vickie Perry

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s a state and federally-licensed mortgage consultant, I am often asked, “Why should I be concerned about my credit?” When it comes to home loans, the simple answer would be that higher credit scores generally result in a lower interest rate and/or fees.

Fortunately, there are several ways to improve your credit score, but before you begin formulating a plan of attack you need to determine where your credit score stands today. Your credit score will range from 300 to 850 with 300 being the worst and 850 being the best. Once you know what your rating is, you will be ready to make the necessary adjustments.

Some of the suggestions listed below will take a little time and others can impact your score quickly.

1. Know Your Spending Limits Most credit cards have a spending limit. If your card has a maximum limit of $10,000, make sure your credit report reflects this amount. When the credit report doesn’t reflect the maximum spending limit, a lender typically looks at your highest balance for your credit limit. This can be problematic as it can give the appearance you are consistently maxing out your card, resulting in reduced scores. Credit bureaus like to see you have available credit.

This weighs to your favor.

2. Pay Down Your Balances While it is commonly recommended you pay off the highest i n t e r e s t rate card first, if your goal is to increase your scores

you might consider paying down the cards that are closest to the limits. Paying down revolving balances can definitely improve your scores. It is important not to spend more than 50% of your limit. If you continually charge more than 50% of the limit, the appearance is that you regularly max out your card, thus reducing your overall credit score. For example: If you have a credit card with a limit of $10,000 but you have a balance of $6,000, this is over the 50% desired limit and your credit scores will decrease. Paying the balance down to $5,000 or less will result in increased credit scores.

3. Use Old Cards Credit bureaus like to see a long standing credit history and current activity. A common mistake people make is cancelling or not using their old cards. Remember that the older your cards the better. You need to use your cards so the issuer will continue updating the account history. To keep a card active I suggest charging a tank of gas and then pay the card off in full.

4. Dispute Errors You have the right to dispute anything on your credit report. The burden of proof falls on your shoulders.

If your credit report reflects inaccuracies such as charge offs, late payments, and/or collections this is significantly impacting your scores – and not in a good way (see sidebar for contact information for the three credit bureaus).

5. Ask for a Goodwill Gesture Have you always paid on time except for one or two payments?

If you have been a customer in good

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standing, sometimes a creditor will be willing to remove a late payment from your credit history. You might need to call a couple of times or submit your request in writing.

The above recommended items are just the beginning to improving your credit scores. There are still many other ways, however. If you are in the market to purchase a home, whether it be soon or in the near future, give me a call so we can review your credit and make sure there isn’t something out there that you might not be aware of.

Getting prepared now will help you hear those three important words when you are ready to purchase a home: YOU ARE APPROVED!!!

• Vickie Perry (#AK195996 / #AK167729) is Branch Manager of Residential Mortgage, LLC, in Juneau. She can be reached at (907) 789-2329. Visit her website at www.vickieperry.com.

523 ABOUT RISK-BASED PRICING Risk-based pricing isn’t a new term, but it is a term now in the forefront of lending. Risk-based pricing is a means to help determine the probability a specific borrower will default on a loan. The determining factors can include a borrower’s credit score, loan to value, and type of property. Depending on these factors, the rate/ fees one borrower pays may be different than those paid by another borrower. One of the main factors involved with Risk-Based Pricing are credit scores. Each tier of credit scores is assessed a “risk-based” fee. The fees are a percentage of your loan amount. Generally they are paid out of pocket or rolled into the interest rate. The higher your credit rating, the less your fees. As outlined in the adjoining article, it is imperative to monitor your credit and report any inaccuracies.

Contact information for each credit report agency is as follows: Equifax Information Services P.O. Box 740241 Atlanta, GA 30374 (800) 685-1111

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Experian P.O. Box 2002 Allen, TX 75013 (888) 397-3742

Trans Union P.O. Box 34012 Fullerton, CA 92834 (800) 916-8800

Continued From Page 5 Having options helps keep families from being rent or mortgage burdened, Ciambor said, because families can start with something small and eventually grow into larger homes later on. The words “starter home” aren’t often used in Juneau, however.

JEDC data projects that about onethird of all Juneau renters are rent burdened (paying more than 30% of income toward rent), and about 12 percent are spending 50% of their annual income on rent. These families will have more difficulty becoming homeowners and are the most likely to leave Juneau and pursue opportunities elsewhere, Ciambor said.

In contrast, JEDC reported that about 1,000 households in Juneau currently renting can afford to buy a home but lack sufficient options. If more single family homes were available, more rental units would be freed up as a result for those who need it. One problem area identified

by JEDC is the number of renters who should be homeowners.

Ciambor said one of his concerns about Juneau’s housing needs is that more and more families will be priced out of market during a time when growth is possible – and essential.

“The flow of state jobs from Juneau that we saw in previous years has slowed down,” he said, and in some cases positions have moved back to Juneau. Another economic boon is workers moving to town to work at the Greens Creek and Kensington mines, he said.

The solution, Ciambor said, is for Juneau to continue to build. JEDC’s study of Juneau’s housing market led to the recommendation that 343 new units made up of high-density housing and traditional single family homes be built. But building poses a problem in and of itself. About 40 new building permits have been issued each of the last three years. In previous years the number of permits was nearly twice that.

“We don’t have a lot of land” to build on, Ciambor said. “Everything we have needs to be collaborated on.”

The collaborative approach is what led to the creation of Juneau’s Affordable Housing Commission in 2007. The commission was formed by the Juneau Assembly and consists of city officials and industry professionals.

“The coalition is trying to form partnerships among competitors who are vying for the same grants or building contracts,” Ciambor said. “We are starting to see synergy among the group.”

IT HAS ARRIVED!

Southeast Living’s Publisher and Designer open their first shipment weekly newspapers in the Louisville area before moving to Alaska. His individual journalism awards include news, features, sports, photography, editorial writing and page design.

He lives in the Valley with his fiance, their two children, a stubborn Malamute, hyperactive Golden Retriever and a possessive cat.

Anna Hoke, Graphic Designer

Meet the Staff Charles L. Westmoreland, Publisher Charles has worked in journalism for more than 11 years, beginning with his time as a photojournalist with the U.S. Army and eventually leading him to Juneau in early 2008, where he worked as managing editor for both the Juneau Empire and Capital City Weekly. He studied English at the University of Louisville and would later return as a guest lecturer.

He spent time managing several large

Anna has been an artist all her life in both graphic design and traditional art forms. She is a fifth generation Alaskan and was born and raised in Juneau. Anna attended UAF for several years before returning to Juneau in 2005 to study English at UAS. In 2007 Anna began working as a graphic designer for the Capital City Weekly and in 2009 she was promoted to Assistant Production Manager of both the CCW and Juneau Empire. In June 2010 she accepted a position with the State of Alaska as a Publication Technician.

Her background also includes extensive experience designing marketing and promotional materials, banners, logos, and websites. She lives in the Valley with her husband, Hayden.

Let’s make your dream of owning a home come true “There’s never been a better time to buy a home. Call me to make your dream a reality.”

“The Key to Your Home Starts Here! Call me to begin unlocking the door into homeownership.”

Bethany Woods

Vickie Perry

Licensed Mortgage Consultant

Branch Manager & Licensed Mortgage Consultant

LICENSE# AK279796

(907) 523-7102 www.bethany-woods.com

8800 GLACIER HWY., STE. 232 • JUNEAU, ALASKA 99801 WWW.RESIDENTIALMTG.COM/JUNEAU W W W.

LICENSE# AK195996

(907) 789-2329 www.vickieperry.com

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Continued from Page 3 7. Private financing Did you purchase or finance your home through the seller or the contractor who built it? Mastrandrea said in these situations a person might be paying around 7.5% interest and could see immediate savings by refinancing at current rates (around 5%).

A basic rule to follow, Mastrandrea said, is to refinance if you can gain an advantage of 2%.

“If your rate is currently 7%, and right now rates are around 5%, that’s an ideal situation for someone to refinance,” he said.

lies only planning on living in a home for a few years before moving on, Mastrandrea recommends a 5-year ARM. He offers this scenario: “Based on a $200,000 loan, that Coast Guard person looking for a 30 year fixed loan at 5% would have approximately $1,073 in monthly payments. By offering him a 5-year ARM at 3.25%, the monthly payment would approximately be $870, an annual savings of $2,436.”

“If your rate is currently 7% and right now rates are around 5%, that’s an ideal situation ... to refinance.”

What Drives Interest Rates?

The stock market is one of the factors that determine interest rates. The other is the strength of ARM Advantage – Bob Mastrandrea, VP of bonds, Mastrandrea said. investors are sellThe most common Mortgage Lending, Alaska ing“Ifstocks to escape the mortgage loan is a 30-year Pacific Bank volatility and are movfixed loan, Mastrandrea ing funds into bonds as a said, but in some situasafe haven, we will probtions going with an Adjustable Rate Mortgage (ARM) is the right ably experience lower mortgage rates,” fit. Southeast Alaska is home to hundreds he said. “If investor demand in bonds is of Coast Guard families, many of which low, we will probably end up with higher are stationed here for 3-5 years. For fami- mortgage rates.”

Mortgage Terms & Definitions Adjustable-Rate Mortgage (ARM): Also known as Variable-Rate Mortgage, one in which the interest rate changes periodically.

Balloon (payment) Mortgage: Short-term, fixed-rate loan that includes small payments for a specified period of time and one final, large payment for the remaining amount of principal.

Debt-to-Income (DTI) Ratio: Borrower’s monthly payment obligations divided by gross monthly income; expressed as a percentage.

Default: Non-compliance with legal obligations of a contract, such as failure to make monthly mortgage payments.

Equity: Property Loans/Liens subtracted from Property Value yields Equity; typically expressed as a percentage of the property value.

Escrow: Neutral third party that handles all funds in a real-estate transaction.

Fixed-Rate Mortgage: Interest rate and payments remain identical for the duration of the loan.

Jumbo Loan: Any mortgage amount that surpasses limits established by FNMA or FHLMC. Market Value: Highest price a buyer should pay, and the lowest price a seller should accept on a property; market value can differ from sales price depending on circumstance.

Points: Fees paid to lenders. 1 point equals 1% of the loan amount; on a $100,000 loan, 1 point equals $1000. Points are differentiated as “origination points” (transaction fees) and “discount points” (interest rate buy-down).

Refinancing: Repayment of an existing mortgage from the proceeds of a new mortgage on the same property.

107 5th Street, DouglaS

9160 Jerry Drive

9322 turn Street

2937 SimpSon ave.

View home in Douglas! This 3 bedroom, 2 bath home has an updated roof, many new windows, an updated and serviced boiler, and off street parking for vehicles or boats. In addition to the 1,311 sq. ft. (per appraisal) there is an additional 931 sq. ft. basement that has been partially finished. The basement has a large finished bedroom and an equally large partially finished room for hobbies or storage.

MLS:# 10391. Price..................$255,000

Valley Ranch! This 3 bedroom, 1.5 bath home sets on a quiet cul-de-sac and backs to CBJ land. Updates include a remodeled kitchen, flooring, paint, and windows! There is an oversized carport and an extra storage room. There is an oversized carport, an extra storage room for outdoor gear and lawn equipment, and a covered porch off the living room for your bbq. MLS: #10300. Price $254,900

Chalet style home centrally located in the Valley with mountain views! This 3 bed, 2 bath home has an open floor plan, a large entertaining deck, and a huge garage. The back of the garage has been partially finished. This property is corporate owned and is an “as-is” sale.

MLS:# 10254.

Price......................................$274,550

Enjoy beautiful town, water, and mountain views from this newer attached home in West Juneau! The home has 2 large bedrooms and 1.5 baths in 1,098 sq. ft. of living area. The upper floor features an open floor plan with vaulted ceilings and a spacious view deck. There is an attached 1 car garage and extra off street parking! New roof in 2002 and vinyl siding makes this a low maintenance home you will enjoy!

MLS:# 10173. Price...................$227,000

Scott Wagner, aBr, cDpe RE/MAX of Juneau

8800 Glacier Hwy, Suite 219 Juneau, AK 99801 907 723-7424 Cell 907-789-4794 Office 888-777-6543 Toll Free www.ScottWagnerHomes.com ScottWagnerHomes@hotmail.com

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Home for the Cure sm

It’s time to sell! Call me today about listing your home.

Business Directory Marty McKeown

907-789-4794 Toll Free: 888-777-6543 Cell: 907-957-2313 www.homesinjuneau.com Office:

Buyers & Sellers Realty

AllJuneauHomes.com

3075 Vintage Blvd. Ste. 201 • Juneau, AK 99801 Phone: (907) 523-8158 • Fax: (907) 523-8159 Full Service Results With Savings

Remodels & Roofs WWW.J G C O N S T R U C T I O N .NET jgconstruction@live.com Phone/Fax: (907) 500-7959 • Cell Phone: (907) 723-2060 Business License Number: 916108 General Contractor’s License: 33975 Residential Endorsement Number: 2396

MAGAZINE

Charles Westmoreland Publisher

Southeast Living Magazine 907.723.4419 PO Box 20749 • Juneau, Alaska 99802 charles@seakliving.com • www.seakliving.com

Southeast Alaska Real Estate 8465 Old Dairy Road, Suite #101 • Juneau, AK 99801 Office - (907) 789-5533 • Fax: (907) 789-5504 Toll Free - 1-877-573-2573 • www.isellalaska.com

Bullwinkles Pizza Parlor SERVING UP FOOD AND FUN SINCE 1973.

Come visit us downtown or in the valley 318 Willoughby Ave • (Downtown)

JoAnn Birt, Realtor® Cell: (907) 723-0545 www.joannbirt.remax.com joannbirt@gci.net

www.homesinjuneau.com

o f Ju n e a u 8800 Glacier Hwy, Ste. 219 • Juneau, AK 99801

T H E B E S T P E O P L E M A K E T H E B E S T CO M PA N Y

Serving All Southeast Alaska

Toll Free 877-570-2329

8800 Glacier Hwy, Ste 232 • Juneau, AK 99801

www.residentialmtg.com/juneau

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789-5533 W W W.

I S E L L A L A S K A

. C O M

– JUNEAU –

- CHILKAT LAKE -

- ANGOON -

- LOTS-

MLS#9858 $17,000 CHILKAT LAKE SUB 1ST ADDITION BLOCK 13, LOTS 6&7

Approximately one acre located outside of the community of Angoon.

MLS#10125 $38,900 CHILKAT LAKE SUBDIVISION BLOCK 6 LOT 13 –

This lot is only one lot away from the road and the easement is right there waiting to be cleared. Approximately 1 acre up on a hill with a potential water view.

LOT - MLS#9681 $165,000 1650 MENDENHALL PENINSULA ROAD 1.16 acres of land in the Valley, just about ready for footings! Driveway in, elevation survey, multiple possible home sites. Solid pad and driveway. Work was meticulously done by owner in preparation for dream home. Take over and save on site prep!

LOT - MLS#10437 $275,000 LENA POINT HEIGHTS LOT 1Lot 1 of Lena Point Heights Subdivision, just over an acre. Plans were drawn but another opportunity changed the seller’s plans, so the best lot at Lena Point Heights is now available! This corner lot sits up high and offers outstanding views sweeping from Auke Bay to the Chilkat Range. The septic and drain field are already installed so you’ve got a head start on the building season.

- HOUSESMLS# 10103 $329,000 2312 MEADOW LANE2 bedroom, 3 bathroom home in the valley with a 2-car heated garage. This home is great for entertaining with the windows, view, size of the kitchen and dining room, living room and flowing floor plan. At the same time, it is great for a couple who enjoy their privacy. Separate master bedroom w/ private bath including a jet tub and a huge walk-in closet. Outside entrance for a possible mother-in-law or guest quarters. Offers a private room in the back with inside water access for those who enjoy gardening and/or arts and crafts.

MLS#10450 $364,900 9167 RIVERWOOD DRIVESpacious 4 bedroom, 3 bathroom 2,472 SqFt home with a tile kitchen and dining room skylights. Walking distance from Riverbend Elementary and Thunder Mountain High School. Close to the Alaska Club and new Aquatic Center.

MLS#10449 $389,000 10393 DOCK STREETA large 3 bedroom, 2 ½ bathroom house in Fritz Cove with a detached 2 car heated garage. Built for entertaining! Open floor plan, large deck and sunny neighborhood. Radiant heat, vaulted ceilings, tile floors, hard plank siding- quality throughout. 5-star when built, in the Auke Bay school district.

MLS#10427 $449,000 2430 DOUGLAS HIGHWAYA contemporary waterfront attached home with 3 bedrooms, 3 bathrooms, and 2-car heated garage, located conveniently only minutes from downtown. Watch the ducks all year from the balcony and have your summer parties on the beach- perfect for the fireworks! Open floor plan and vaulted ceilings in the living room embrace the sweeping views. Master suite has a large shower, jetted tub and walk in closet, and also showcases the views.

- HAINESMLS#9981 $150,000 USS 785 PORTION OF TL 11 & 11 B – 3 acre parcel zoned for commercial. Mostly level, on a sunny location.

Multiple building sites and inside the service area. You can build residential or commercial. Forested, easy access to the Haines Highway.

MLS#9854 $365,000 1146 MUD BAY ROAD –

Large craftsman home in Haines with 4 bedrooms, 3 bathrooms and sweeping views of Mud Bay. Custom craftsmanship throughout the house, especially the balustrades, trim and window frames.

3.29 acres on “Little Lake,” this area is very remote- float plane or river access only. Great fishing and lots of brown bear in the area.

1 bedroom, 1 bathroom 2-story cabin. Waterfront on 1.42 acrescabin includes skiff with motor for access!

MLS#7229 $65,000 USS 3265 LOT 3A CHILKAT LAKE –

Waterfront cabin, guesthouse, shed and outhouse. Great summer cabin on beautiful Chilkat Lake only accessible by air, riverboat or snow machine. Once you see this beautiful sight you will never want to leave!

MLS#10161 $225,000 LOTS 8, 9 & 10 CHILKAT LAKE SUBDIVISION –

2 bedroom, 1 bathroom beautiful cabin on Chilkat Lake. The property consists of Lot 8, 9 and 10, Block 5 of Chilkat Lake subdivision.

4.02 acres with 457 feet of lake frontage. This is a remote lakefront home that lends itself to both summer and winter use.

MLS#9106 $299,000 LOT 12 BIRCH ISLAND CHILKAT LAKE –

This isn’t a cabin- it’s a house! 4 bedroom, 2 bathroom with 2,100 SqFt, located on Birch Island on Chilkat Lake. 250 feet of lake frontage with a private dock. Satellite with internet, awesome view, protected moorage. Fish for Cutthroat, Dolly, Sockeye, Silver and Kokanee, watch the swans, brown bear and moose, relax!

- KAKE MLS#9563 $37,500 LOT 5 BLOCK 2 USS 1871 –

A 2 bedroom, 1 bathroom fixer-upper house in Kake with a view of the beach from the front window.

MLS#10006 $65,000 LOT 11 B 1 TRACT A USS 3851 –

19,729 SqFt lot in Kake. One of the last water view, undeveloped and unrestricted lots in Kake. On the main road, central location.

MLS#10175 $225,000 281 SILVER SPIKE ROAD –

A 6 bedroom, 4 bathroom 3-story house w/ apartment. This property provides multiple rental possibilities in Kake. Owner currently lives in a two bedroom apartment, and there are four rental efficiencies.

- GUSTAVUS – MLS#10231 $52,000 LOT 12 TRACT D OWENS SUBDIVISION

Approximately 2.5 acres in Gustavus. This neighborhood has lots of wild strawberries and nagoonberries. Build your retirement home in this rural community. Gustavus is serviced by Alaska Airlines and now regular ferry service!

MLS#10158 $235,000 5 MILE RINK CREEK ROAD

A 3 bedroom, 1 bathroom craftsman home in Gustavus, only 600 feet from Glacier Bay National Park boundary.

MLS#9169 $425,000 211 SOCKEYE

A 2 bedroom, 1 bathroom home, 2 stories and carport with an included guest house. If a home could be classified and a work of art, this would be a shining example! Craftsmanship definitely meshed with the artist who built on this flat, dry, 2 acre parcel. The main house is stunning, and the guest house is just as nice.

MLS#10232 $12,000 LOT 169A KEET SUBDIVISION –

MLS#9159 $14,000 LOT 9 BEAR RIDGE SUBDIVISION –

MLS#9150 $14,000 LOT 197 SOUTH FAVORITE BAY –

Waterfront/Tidal almost at the end of Favorite Bay. Rich hunting grounds, great fishing in the area. Build your recreational getaway on this private lot on Admiralty Island.

- ELFIN COVE MLS#8892 $150,000 FR TRACT B1 ATS 1605 –

Upland lot in Elfin Cove between Elfin Cove Lodge and Fishmasters Inn. Boardwalk access. The view from this lot is breath taking!

MLS#8893 $395,000 FR TRACT B1 (WITH HOUSE) ATS 1605 –

2 bedroom, 2 bathroom waterfront home, currently part of Elfin Cove Lodge. A very large deck offers great views. Quality construction throughout. Enjoy breathtaking views from the hot tub after an active day of world-class fishing!

MLS#8897 $1,495,000

One of the most original and most successful fishing lodges in world-famous Elfin Cove, Alaska! Elfin Cove Lodge is on the outer cove, right next to the float plane dock. Outstanding, breath-taking views of the Chilkat Mountains and the area surrounding Glacier Bay National Park greet you outside almost every window.

- YAKUTAT MLS#10179 $95,000 432 RIDGE ROAD –

2 bedroom, 1 bathroom home in Yakutat- home of the greatest river and ocean fishing in the entire state! Home has plenty of outdoor storage, shed and a large carport.

MLS#9822 $350,000 410 RIDGE WAY –

3 bedroom, 2 bathroom house with a 2-car heated garage. Zoned for lodge or B&B business or your own retreat from the city. Jumbo heated garage to store recreation gear and an unfinished 650 SqFt basement ready to be designed for your special use. Live in a fishing and hunting paradise overlooking a large stocked pond in a newly updated home with hardwood floors, heated driveway, new appliances, new roof and garage doors.

MLS#9824 $895,000

Premium location-crossroads of the town of Yakutat. the business includes a 3 bay shop, inventory, office equipment, truck with plow, jeep, and all the tools. A 3 bedroom, 1 bathroom home is next door for the owner for mechanic.

- HOONAHMLS#9986 $67,900

Approximately ½ acre lot in Dalton Subdivision, Hoonah. Cornor lot with water and sewer to the building pad and electricity to the lot line. Great for your vacation home or your permanent home! Perfect for an Icy Straights Log Cabin.

Debbie White Broker 723-9886 Shawn Paul Associate Broker 723-4010 Cheryl Holloway Sales Associate 209-6602

- HOONAHMLS#10216 $600,000

Known as “Hillman’s Ranch” over 29 acres. Two parcel with 670 feet of water frontage. Clearing in center of property that would be excellent for a home, lodge, or cabin. A stream runs through the edge of the property. The land is surrounded by mountains that protect the site from wind. Brown bears and Sitka black tail deer have been sighted on the land. No property or real estate tax. Permits could be used to gain access to the USFS roads upon development, per the owner.

- PETERSBURGMLS#10029 $25,000 LOT 4 A, BLOCK 211 – LOT IN TOWN.

- PRINCE OF WALES – MLS#9950 $4,950,000 421 MISTY MARIE LANE #29

A well established (21 years) high-end sportfishing lodge on 4 acres, often featured on national television. Turn-key operation, current management and a core of seasonal staff will remain. Owner will stay for one operating season if purchaser desires.

- WRANGELLMLS#9871 $99,000 PLAT 83-10 BLOCK 2 LOT 14 –

Oceanfront property (3.4 acres) on Wrangell Island - just “around the corner” from town. 419 feet of deep water frontage, year around stream (no fish - so hydro should be fine). Great fishing in this area! This looks right at the mouth of the Stikine River! Can be accessed by trail from road.

- TENAKEE SPRINGSMLS#9771 $195,000 LOTS 8 & 9 COLUMBIA POINT -

Owner says SELL NOW! Make offers! 5.46 Acres, almost completed cabin. Dimensional lumber milled on site, vinyl windows etc. There is an older second cabin available for temporary use, then storage later.

- EDNA BAYMLS#9947 $55,000 LOT 8 BLOCK 5 ASLS 81-116 –

Cabin on 4.337 acres in Edna Bay on Kosciusko Island (Northern POW area) S end of Sumner Straight. Plat maps on file.

- REMOTE/RECREATIONAL – MLS#9874 $47,500 TAKU RIVER BLOCK 4 LOT 26 –

Waterfront on Taku River looks out to Martini Row. 3.755 acres 157 feet of river frontage. Popular recreation area - moose, eagles, glaciers, great fishing and wildlife viewing. The riverfront is loaded with high bush cranberries.

MLS#10225 $75,000 LOT 1 MOCHA SUBDIVISION –

1 acre on Funter Bay, excellent recreational area near Juneau!

MLS#10224 $175,000 LOTS 1 & 2 ALASKA-DANO SUBDIVISION PLAT 637 FUNTER BAY –

1.49 acres, waterfront, with cleared pad and space for landing craft.

Heavy excavation work has been completed. Build your recreational cabin here, near the fishing, away from town and property taxes!

MLS#9789 $1,800,000

This unique property consists of 4.6 acres that lies at the head of Windham Bay with 650 feet of waterfront. The lodge and cabins were build in the early 1990’s.

Karinda Perdon Sales Associate 209-3572 Amber Starbard Sales Associate 957-3989 David Franz Sales Associate 209-6136

789-5533 • 8465 Old Dairy Road #101, Juneau, AK 99801