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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.

 

Interest Rate vs Annual Percentage Rate (APR)

Interest rate and annual percentage rate (APR) - those are the same things, right? Unfortunately, too many mortgage buyers don’t realize the answer is no. The interest rate on your Utah mortgage loan is different from the APR and understanding both is important to getting the best deal on your mortgage.   Interest Rate The interest rate on a loan is the cost of borrowing the mortgage principal. It is a percentage of the amount and can be either fixed or variable. The interest rate is amortized over the life of the loan and the interest payment is rolled into the monthl...

January 10th, 2019 | Interest Rates, Interest Rate vs Annual Percentage Rate (APR)

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?

Understanding Utah Interest Rates

Advertised Utah interest rates generally reflect the national average. What they may not reflect is your individual loan situation. Borrowers often believe, when they see a listing of “today’s mortgage rates,” that the listed rates accurately indicate what their home purchase or refinance loan will cost them. However, unless you obtain a personalized rate quote from a mortgage broker or mortgage lender, you have no way to accurately determine what your total borrowing costs will be.   How Mortgage Rates Affect Your Borrowing Costs In the mortgage industry, rate...

November 10th, 2018 | Interest Rates, Adjustable Rate Mortgages, Understanding Utah Interest Rates

30-Year Mortgages vs 15-Year Mortgages

The majority of Utah home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations.   Payments If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15...

November 8th, 2018 | Interest Rates, Conventional Loans, 30-Year Mortgages vs 15-Year Mortgages

How to Get a Low Interest Rate on a HELOC

The amount of available home equity has recently hit all-time highs, meaning now is a great time to tap into your home’s value with a home equity line of credit (HELOC). These are revolving accounts that allow you to draw out money for anything from home improvement to college tuition to debt consolidation. Of course, just like with your primary mortgage, finding the best rate on a HELOC is essential. Here are some tips for scoring a great interest rate:   Check Your Equity The more equity you have in your home, the better your odds are of being approved and offered a good ...

October 17th, 2018 | Home Equity, Interest Rates, How to Get a Low Interest Rate on a HELOC

Understanding Interest Rate Locks

Until the interest rate is locked, the credit you receive (or the price you pay) for an interest rate can change minute by minute. Once your interest rate is locked, as long as your loan closes within the allocated lock period, your interest rate and credit are secured. Now, rather than worry about what is happening in the interest rate market, the focus will change to ensuring your loan closes within the allotted lock period.   Interest Rates and the Media Between now and the time that your loan closes, you may hear the media talk about interest rates rising or drop...

October 12th, 2018 | Interest Rates, Understanding Interest Rate Locks

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Advanced Funding Home Mortgage Loans



Your Local Mortgage Company

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.

Experience Matters

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.

Advanced Funding Home Mortgage Loans
6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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