Alaska § 06.60.350 - Certain refinancing prohibited.
Full text of Alaska Alaska Statutes § 06.60.350 — Certain refinancing prohibited., with citation guidance and answers to common questions.
§ 06.60.350. Certain refinancing prohibited.
(a) A covered person may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed unless the refinancing is beneficial to the borrower.
(b) The factors to be considered when determining if refinancing is beneficial to the borrower under this section may include whether (1) the borrower's new monthly payment is lower than the total of all monthly obligations being refinanced, after taking into account the costs and fees of the refinancing;
(2) the amortization period of the new mortgage loan is different from the amortization period of the mortgage loan being refinanced;
(3) the borrower receives cash in excess of the costs and fees of the refinancing;
(4) the rate of interest of the borrower's promissory note is reduced;
(5) the mortgage loan changes from an adjustable rate loan to a fixed rate loan; in a determination under this paragraph, the department may take into account costs and fees;
(6) the refinancing is necessary to respond to a bona fide personal need or an order of a court of competent jurisdiction;
(7) the original term of the mortgage loan being refinanced is two years or less; and
(8) the refinancing is being made to prevent a foreclosure on an existing mortgage loan.
Frequently Asked Questions About Alaska § 06.60.350
What does Alaska Statutes § 06.60.350 cover?
Section 06.60.350 ("Certain refinancing prohibited.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 06.60.350?
A common citation format is "Alaska Statutes § 06.60.350" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 06.60.350 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.