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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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What is Mortgage Amortization?

If you have a fixed-rate home mortgage, you pay the exact same amount of principal and interest each month. But did you know that the amount of principal you pay toward the balance of your loan changes from month to month? This is called mortgage amortization and it is a method of distributing the interest and principal over the course of a loan so that it is completely paid off by the end of the loan term. Understanding how it works could help save you plenty of interest on your mortgage.   How does it work? When you agree to buy a house at a certain price, in reality, you will en...

May 8th, 2019 | Credit and Debt, Interest Rates, Mortgage Basics, What is Mortgage Amortization?

How to Calculate Your Debt-to-Income Ratio

When you are ready to apply for a mortgage loan, your mortgage broker will ask you for all sorts of financial information. One of the things lenders do with this data is to calculate your debt-to-income (DTI) ratio. A DTI ratio is one of the most basic methods lenders use to determine how much of a monthly mortgage payment you can afford. You can calculate this number before talking to a lender so that there will be no surprises about how much you might expect to borrow. First, total all your monthly liabilities – including the potential housing payment - and divide that number by you...

April 17th, 2019 | Mortgage Basics, Credit and Debt, How to Calculate Your Debt-to-Income Ratio

Home Appraisal FAQs

A home appraisal is an important part of the home-buying process. If you're ready for this step, you may have some questions about what happens.   What is a home appraisal? A home appraisal is a professional evaluation of the value of a property. It's typically conducted by a licensed, certified professional. The appraiser is an unbiased individual with the necessary knowledge and experience to determine the fair current value of a home.   Who pays for a home appraisal? A home appraisal that's conducted as part of the home buying process is typically paid fo...

March 19th, 2019 | Mortgage Basics, Home Appraisal FAQs

5 Things to Do After Your Mortgage Closes

After sitting down at the mortgage closing table to sign all the paperwork, you get the keys and can breathe a sigh of relief. But before you tuck all those mortgage papers away for good, there are at least five things you still need to do after closing to make sure everything is on track.   1. Figure Out the Date of the First Mortgage Payment Your mortgage broker or title company should have let you know this important fact before or at closing, but with so many papers and numbers being thrown at you, it might get missed. Your escrow account often requires enough money f...

March 13th, 2019 | Mortgage Basics, Homeowner Tips, 5 Things to Do After Your Mortgage Closes

What's Included in My Monthly Mortgage Payment?

When you get a mortgage to buy a home it’s important to understand the breakdown of your monthly mortgage payment. This will help you keep track of your finances, and to help you figure out your timeline of when you should be able to pay off your Utah home loan.   The Different Costs Of course, you pay your mortgage each month, but have you ever taken a deep dive into what your mortgage payment actually includes? There’s a handy acronym to help you remember what’s all incorporated in your monthly mortgage payment—PITI. Let’s take a look.   Pri...

March 4th, 2019 | Home Buying or Selling, Refinance, Mortgage Basics, What's Included in My Monthly Mortgage Payment?

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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