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Mortgage BLOG

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.

 

Mortgage Lenders Loosen Credit

Mortgage credit was more readily available in November to borrowers, as lenders loosened their underwriting standards slightly, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability increase 1.1% from October to a reading of 188.8, the highest level since the housing crash. Lenders have been making more loan programs available to those with lower credit scores and higher loan-to-value ratios, in response to growing demand among first-time homebuyers, the MBA said.

December 12th, 2018 | Mortgage News, Mortgage Lenders Loosen Credit

Everything You Need To Know About Prepayment Penalties

Although they are not nearly as common today, some mortgage loans do come with a prepayment penalty. Home loan borrowers should be aware of them before signing their names on the dotted line. Here’s what you need to know about prepayment penalties: What is a prepayment penalty? A prepayment penalty is a fee the borrower must pay if they pay off the mortgage loan faster than the agreed terms. They often only apply during the first three years of the loan. Some prepayment penalty clauses also stipulate that a borrower cannot pay off more than 20% of the loan balance each year. Whe...

December 12th, 2018 | Purchasing a Home, Refinancing a Home, Everything You Need To Know About Prepayment Penalties

"We want what we don't have, be careful what you ask for"... Everclear

"We want what we don't have, be careful what you ask for"... Everclear As it pertains to low interest rates "Be careful what you ask for" - it will likely take pain, chaos, fear and uncertainty to get them.  This past Thursday, thanks to uncertainty around the U.S. and China trade deal, fear of slowing global economic growth, a roughed-up Stock market and the likelihood of fewer Fed rate hikes, the Bond market and home loan rates hit their best levels in three months.  On Friday, the Labor Department reported that 155,000 jobs were created in November...

December 10th, 2018 | Mortgage News, "We want what we don't have, be careful what you ask for"... Everclear

Mortgage Applications Rise as Rates Fall for Third Week

More mortgage borrowers turned in loan applications this week, according to the Mortgage Bankers Association, in response to another week of falling interest rates. The MBA’s Mortgage Composite index – a measure of mortgage application volume - rose 2% during the week ended Nov. 23, 2018, while mortgage rates dropped for the third straight week to 5.08%. Refinance applications were more popular as rated declined, making up 40.4% of all requests, an increase from 37.9% the week before.

December 7th, 2018 | Mortgage News, Mortgage Applications Rise as Rates Fall for Third Week

Should I Pay Off My Mortgage Before Retirement?

As you near retirement, you may be anxious to completely pay off your mortgage and be debt-free before your traditional income stops. In most cases, this is the best plan but there are situations when holding on to your mortgage into retirement may make more sense.   Why You Should Pay Off Your Mortgage Being debt-free as you start retirement can make the transition to a fixed-income much smoother. Those who do not have their mortgage paid off yet sometimes have to dip into their investments to make their payments. That can result in higher taxes and less reserves for retirees...

December 5th, 2018 | Reverse Mortgages, Refinancing a Home, Should I Pay Off My Mortgage Before Retirement?

Difference between a mortgage interest rate and an APR?

What is the Difference between a mortgage interest rate and an APR? Answer: An annual percentage rate (APR) reflects the mortgage interest rate plus other charges. There are costs associated with getting a mortgage loan in Utah. These include, but not limited to: Interest Rate Discount Points Fees or Closing Costs Other charges The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An ...

December 5th, 2018 | Interest Rates, Difference between a mortgage interest rate and an APR?

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Your Mortgage Broker

As a mortgage broker in Utah, we work with several mortgage lenders, enabling us to offer you a variety of Utah mortgages and refinance home loans at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more home loan options to help you achieve your goals. Whether you're buying a home or refinancing, 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 one of the most trusted and respected mortgage companies in Utah, Advanced Funding Home Mortgage Loans offers a variety of purchase mortgage and refinance products. Our licensed 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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6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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