You do not need to know every real estate term before starting your first home search. You need a clear plan, room to ask questions, and people who explain the decisions along the way. Majors Realty Group helps first-time buyers explore Fairbanks, North Pole, and Interior Alaska with practical local guidance.

Start with education before the pressure of a decision

AHFC HomeChoice offers no-cost, self-paced online homebuyer education. Review the current enrollment instructions directly with AHFC. Learning the process early makes it easier to compare financing, understand inspections, and prepare for ownership.

What money will I need?

Plan for more than a down payment. Ask a lender to explain estimated closing costs, prepaid items, any mortgage insurance, and the cash needed at closing. Budget separately for inspections, moving, initial repairs, and an emergency reserve. Ask about programs that fit your circumstances, but do not assume assistance is available until eligibility and funding are confirmed.

How much home should I shop for?

Build a monthly budget you can live with, including debt payments and other priorities. For Alaska homes, include heating, electricity, water and wastewater, insurance, taxes, maintenance, and any association dues. Compare the actual utility setup of each property. A lender’s maximum approval is not necessarily the payment you will feel comfortable carrying.

Who does what in the purchase?

Your real estate advisor helps with the search, offer, and transaction coordination. A lender evaluates financing. An inspector examines the property within an agreed scope. The title and closing team handles its own part of the transaction. Ask each professional to explain their role, fees, and limitations. Review representation and compensation agreements before signing.

What should I notice during a showing?

Look beyond paint and furniture. Consider layout, access, heating, storage, drainage, water supply, wastewater systems, and road maintenance. Ask about service records and known repairs. An attractive kitchen cannot answer questions about foundation condition or a septic system; plan appropriate inspections and document unresolved concerns.

What happens after my offer is accepted?

Track the contract deadlines for inspections, financing, document review, and closing. Understand the conditions attached to your earnest money and the options available under your agreement. Read reports, ask questions promptly, and put any negotiated changes in writing. Keep in contact with your lender and advisor as the transaction progresses.

What should I prepare before move-in?

Confirm possession timing, insurance, utilities, keys, manuals, and service contacts. Learn the heating controls, ventilation system, and shutoffs. Make a realistic maintenance and winter-access plan. Keep inspection findings and repair records so you can prioritize work after moving.

Can my first home also be an investment?

Possibly, but evaluate that plan separately. For a home with another unit, verify permitted use and system capacity. Discuss occupancy and rental-income rules with your lender and insurer. Test the budget using actual local rental evidence and include vacancy, repairs, and management.

Continue with our step-by-step Alaska buying guide and financing resource.

Start a first-home conversation with Majors Realty Group. Tell us where you are in the process; we can help you identify your next step.

Updated September 20, 2026. Program eligibility, financing, and property requirements depend on your circumstances and transaction.