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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

Can I Qualify for Down Payment Assistance?

One of the biggest obstacles to homeownership is coming up with enough money for a down payment. When your own savings are not adding up quickly enough and you don’t have a rich uncle to tap for an early inheritance, you may find some help in a down payment assistant programs.   Down Payment Assistance Programs Many state and local governments, as well as local lending institutions and non-profit organizations, have created down payment assistance programs because of their vested interest in helping residents and fellow community members become homeowners. Those who own homes...

April 10th, 2019 | Home Buying or Selling, Loan Programs, First-time Homebuyers, Can I Qualify for Down Payment Assistance?

What is a 5/5 ARM?

If you are familiar with adjustable-rate mortgages (ARMs), you have probably heard of the 5/1 ARM or even the 10/1 or 1/1 ARM. There is a newer ARM loan available that is growing in popularity: the 5/5. Here’s everything you need to know about this unique loan product.   What is it? The first number in an ARM refers to how long the initial fixed-rate period is, and the second number tells how often the mortgage rate can adjust thereafter. Thus a 5/5 ARM is one with a fixed interest rate for the first 5 years that will adjust every 5 years from that point on. While having a...

April 3rd, 2019 | Loan Programs, Interest Rates, What is a 5/5 ARM?

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?

3 Things You Need to Know About ARM Loans

Adjustable rate mortgage (ARM) loans always grow in popularity when interest rates are on the rise. Some borrowers think ARMs are the best way to save money on their mortgage in a higher rate climate. ARM loans can also be helpful for those who do not plan to stay in their home more than a few years. Whatever the reason, if you are considering an adjustable rate mortgage here are three things you need to know before signing.   1. What type of ARM are you getting? Of course, you already know that an adjustable rate mortgage means that eventually your loan interest rate can adjust hi...

January 23rd, 2019 | Loan Programs, Mortgage Basics, Interest Rates, 3 Things You Need to Know About ARM Loans

Home Equity Loan vs HELOC

For many people, their home is their largest asset. And its value generally grows over time, producing more equity for the homeowners. How can homeowners make use of this equity without selling their house? A home equity loan or a home equity line of credit (HELOC) are both popular options with different pros and cons.   Home Equity Loan A home equity loan is a second mortgage that is structured very similarly to a traditional mortgage. The amount of the loan will be based on the owner’s existing equity in the home as well as by income and credit history. If all the right fac...

December 26th, 2018 | Loan Programs, Home Equity Loan vs HELOC

Closer Look at the VA Funding Fee

The VA Funding Fee is a government fee applied to every VA purchase and refinance loan in Utah. This fee goes directly to the Department of Veterans Affairs to help cover losses and keep the loan guaranty program running for future generations of military homebuyers. The fee changes depending on several factors, including the nature of the borrower’s service, whether the borrower has used the benefit before, the type of loan and whether there’s a down payment. Borrowers with service-connected disabilities and select others might not have to pay it at all. Let’s take ...

December 4th, 2018 | VA Loans, Loan Programs, Closer Look at the VA Funding Fee

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