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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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Blog Image: 7 Tips to Improve Your Credit Before Applying for a Utah Mortgage

7 Tips to Improve Your Credit Before Applying for a Utah Mortgage

In addition to income and assets, your credit profile is one of the biggest factors in determining whether you qualify for a mortgage. If your credit score is not currently in a desirable range, there are plenty of ways you can improve it to up your chances of home loan approval. Here are the top seven:   Check your credit reports for accuracy According to a study from the Federal Trade Commission, one in five people has an error on at least one of their credit reports. Many errors do not substantially affect credit reports, but some can significantly lower scores. By law, you ca...

June 24th, 2020 | Credit and Debt, Conventional Loans, 7 Tips to Improve Your Credit Before Applying for a Utah Mortgage

Blog Image: FHFA Announces Maximum Conforming Loan Limits for 2020

FHFA Announces Maximum Conforming Loan Limits for 2020

Fannie Mae and Freddie Mac Conventional Loan Limit Will Increase to $510,400 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020. In most of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019.   Baseline Limit The Housing and Economic Recovery Act (HERA) requires that the baseline conventional loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the...

November 26th, 2019 | Conventional Loans, Mortgage News, Loan Programs, FHFA Announces Maximum Conforming Loan Limits for 2020

Blog Image: How Do I Get Rid of Private Mortgage Insurance (PMI)?

How Do I Get Rid of Private Mortgage Insurance (PMI)?

Private mortgage insurance (PMI) is typically required by mortgage lenders when borrowers contribute less than 20% of the home’s value as a down payment. This insurance protects the lender, not the homebuyer. If the loan borrower defaults on the mortgage for any reason, the insurance will reimburse the lender up to 35% of the original loan amount. Homebuyers pay for the PMI premiums, either up front in a lump sum or built into their monthly mortgage payment. While PMI is helpful for allowing borrowers to become homeowners without saving up a full 20%, the premiums do add up over tim...

June 12th, 2019 | Conventional Loans, Saving Money, How Do I Get Rid of Private Mortgage Insurance (PMI)?

Blog Image: 4 Loan Programs With Zero-Down Payment

4 Loan Programs With Zero-Down Payment

Are there ways to get a mortgage loan without making a down payment? While the options are not as plentiful as they used to be, there are still at least four government-backed programs that allow borrowers to buy a home with no down payment. Over a decade ago, home prices were skyrocketing month-to-month, giving homebuyers “instant equity.” Mortgage lenders offered “zero-down” home loans to most of their customers, with confidence that those borrowers would soon own a significant stake in their homes. However, the housing market crashed, and home prices began plungin...

May 22nd, 2019 | VA Loans, FHA Loans, Conventional Loans, Home Buying or Selling, First-time Homebuyers, 4 Loan Programs With Zero-Down Payment

Blog Image: What is the Right Home Loan in Utah for Buying a Fixer-Upper?

What is the Right Home Loan in Utah for Buying a Fixer-Upper?

You have found your dream house but it will take significant work to make it a home. You do not have cash in savings to pay for both a down payment and the repair costs. Can you get a home loan in Utah when buying a fixer-upper? Not to worry - this is not a hopeless situation. Fortunately, there are two common types of mortgage loans available for just this scenario: The Federal Housing Administration -FHA 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage.   FHA 203(k) Mortgage The Federal Housing Administration has provided a home loan that allows bu...

February 13th, 2019 | Home Buying or Selling, Conventional Loans, Loan Programs, Home Improvement, FHA Loans, What is the Right Home Loan in Utah for Buying a Fixer-Upper?

Blog Image: What Are Mortgage Points?

What Are Mortgage Points?

If you have ever checked out the current status of mortgage interest rates, you may have seen the average points listed next to the rates. What are these mortgage points and how do they affect your interest rate?   Points Defined Mortgage points, or discount points, are upfront fees paid to your lender that allow you to “buy down” your interest rate on your home loan. The idea is that you are prepaying some of the interest on the mortgage, which gives you a lower rate. The more points you pay, the lower your interest rate will be. One point is equal to 1% of the total m...

February 6th, 2019 | Home Buying or Selling, Conventional Loans, VA Loans, FHA Loans, Mortgage Basics, Interest Rates, What Are Mortgage Points?

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