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Advanced Funding Home Mortgage Loans' mortgage blog is chock full of mortgage loan advice, tips, and the latest mortgage and housing news. Whether you're considering a Utah refinance or thinking of buying a home. We have the experience and expertise to assist you as you prepare for your homeowner journey. Our mission is to help you understand how the mortgage loan process works so that you can make decisions that will maximize your savings, qualify you for the amount you desire, and avoid costly missteps.

 

What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be successful.   Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take ...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

Ins and Outs of a Home Equity Line of Credit

Homeowners have a great source of funding available to them that others don’t: their house! If homeowners have a significant amount of equity in their home or especially if their mortgage is completely paid off, they can make great financial use of their house by taking out a home equity line of credit (HELOC). HELOCs are loans in the form of revolving credit lines that are secured by a home. They work a lot like a credit card – you have a certain limit, you can draw out money as needed, and you only make payments after you have pulled out money from the account. Funds from a ho...

September 5th, 2018 | Home Owner Tips, Ins and Outs of a Home Equity Line of Credit

Home Buying Help: What is Escrow?

Buying a home is often the biggest purchase you make in your life. With all that money on the line, buyers and sellers AND mortgage lenders need a safe and secure way to make the transaction. In order to make sure the home sale and mortgage funds transfer take place properly, the lender will open an escrow account for you.   What is an Escrow Account? An escrow account is essentially a holding spot for all assets involved in a home sale, run by a third party who secures them until all terms and conditions of the sale are carried out. You as a buyer do not want to hand over hun...

August 29th, 2018 | Purchasing a Home, Home Owner Tips, Home Buying Tips, Home Buying Help: What is Escrow?

What are Closing Costs?

When you sit down to sign the papers to buy a home, you will most likely be required to pay closing costs. Mortgage closing costs are the fees associated with the home buying and lending process.   What is included in my closing costs? The types of closing cost fees can vary based on region, property type, and loan type. There are a few basics that most everyone has to pay. These include things like an appraisal fee, for sending an appraiser out to determine the fair market value of the property. Closing or escrow fees are also common, which compensate the title company, escrow fir...

August 22nd, 2018 | Purchasing a Home, Refinancing a Home, Conventional Loans, Interest Rates, Refinance, What are Closing Costs?

Is a Fixed Rate Mortgage or Adjustable Rate Mortgage Better for Me?

When you are in the market for a Utah mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals.   Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - a loan with a fixed mortgage rate, an interest rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly paym...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Home Buying Tips, Adjustable Rate Mortgages, Refinance, Is a Fixed Rate Mortgage or Adjustable Rate Mortgage Better for Me?

How Much House Can I Afford?

When you are ready to buy a home, whether for the first time or the tenth, it is always important to know how much you can afford to spend. This will help you narrow your home search and ensure you do not get in over your head financially. There are several factors to consider when determining how much house you can afford.   Debt Ratios Mortgage brokers will evaluate your debts relative to your income. The standard rule of thumb for debt-to-income ratios is 28/36. The first number means lenders prefer that your total housing debt- including your new mortgage, taxes, HOA fees, priv...

August 8th, 2018 | Purchasing a Home, Pre-qualification, Home Buying Tips, How Much House Can I Afford?

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Your Mortgage Broker

As a mortgage broker, we work with several Utah mortgage lenders, enabling us to offer you a variety of Utah mortgages at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more Utah home loans to help you achieve your goals. Whether you're buying a home or refinancing your current home, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

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As a top mortgage company, Advanced Funding Home Mortgage Loans offers a variety of Utah mortgages and refinances. Our licensed Utah mortgage brokers are both knowledgeable and experienced to ensure you a pleasant home loan experience at the best interest rates available. We combine the use of technology, impeccable service, a dynamic management team, along with a well-trained, and experienced staff to produce results, such as great mortgage rates, low fees, and most importantly, a fast and pleasant loan experience.

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Salt Lake City, UT 84121

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