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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?

4 Things to Understand About Credit Scores Before Applying for a Mortgage

Your credit score is an essential factor in determining much about any mortgage loan you receive. A credit score is a measure of your trustworthiness as a borrower. It pays to know as much about your credit score as possible before applying for home loan funding. Here are four key points to understand:   1. Credit Scores Are Calculated by Financial Formulas Credit scores (also called FICO scores because they were created by the Fair Isaac Corporation) is determined by a several factors. The weightiest element - 35% - is your payment history. The more often you have been late on mak...

May 1st, 2019 | Credit and Debt, 4 Things to Understand About Credit Scores Before Applying for a Mortgage

S&P Case-Shiller 20-City Home Price Index Edged Lower

Home price gains continue to cool as they drift down to more normal levels due in part to an uptick in housing inventories. The S&P Case-Shiller 20-City Home Price Index rose 3% from February 2018 to February 2019, up 0.2% from January to February. The national index increased 4% annually. Home price gains topped out in late 2013 with double-digit gains. A spokesperson for the index said that the pace of home prices continues to slow.   Get a Lower Interest Rate Inquire Now Vantage Production, LLC is the copyright owner or licensee of the content and/or information in this p...

April 30th, 2019 | Mortgage News, S&P Case-Shiller 20-City Home Price Index Edged Lower

How to Build Home Equity

While it is possible to get into homeownership with little upfront investment, there can be many benefits to building up equity in a property. Mortgage equity is the value of the homeowner’s stake in a home. It is basically how much the home is worth minus how much is still owed on the mortgage. Having plenty of equity helps protect against foreclosure in case of financial hardship, it makes it easier to sell or refinance your home when the time comes, and it can be a source of emergency funding. The good news is some of equity building happens without you having to lift a finger. If ...

April 24th, 2019 | Homeowner Tips, Saving Money, How to Build Home Equity

3 Ways to Make Your New House Feel Homier

Although buying a new house can be exciting, it can take some time for it to feel like home. Everywhere you look, you are met with little reminders that someone else occupied the home before you did. These tips can help you turn your new house into a home much faster.   Give the walls a fresh coat of paint Even if the paint is new, it can feel odd if you are living in a house with colors that you would not have chosen. The best time to paint is when you first buy the house. Putting off this task until you have moved in will require that you move or cover all of your furniture. ...

April 23rd, 2019 | Homeowner Tips, Lifestyle, Home Improvement, 3 Ways to Make Your New House Feel Homier

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