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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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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

5 Ways to Save Money on Your Mortgage

Mortgage interest rates have been near rock-bottom lows for many years but are likely to increase over the next few years. Even though you can no longer count on record low interest rates, there are plenty of things you can do to make sure you save money on your mortgage loan. Here are the top five:   1. Increase Your Down Payment By saving a little longer, getting money gifted to you by relatives, or selling off big assets, you could pull together a larger down payment. If you can bump up your down payment to 20% or more, you will avoid paying for private mortgage insurance, savin...

March 27th, 2019 | Credit and Debt, Saving Money, Interest Rates, 5 Ways to Save Money on Your Mortgage

How Does My Credit Score Affect My Mortgage Rate?

How much you will pay for a mortgage loan and even whether you can qualify for a mortgage will have a lot to do with your credit score. Higher credit scores will help you get the best terms possible while lower scores could keep you from your dream of homeownership. Lower scores can also impact your mortgage interest rate.   What Makes Up a Credit Score? Most lenders use FICO scores to determine creditworthiness. These are three-digit numbers put together using data from the Fair Isaac Co. that are supposed to determine the likelihood of you keeping up with your financial obligatio...

March 6th, 2019 | Interest Rates, Credit and Debt, How Does My Credit Score Affect My Mortgage Rate?

How long after bankruptcy should I wait before applying for a mortgage?

Going through a bankruptcy, either personally or with your business, can affect your ability to qualify for a mortgage. Your credit score may drop, and you may need to wait before applying for a home loan. It all depends on the size of your down payment and how high of an interest rate you can tolerate. Here’s what you need to know if you have been through a bankruptcy:   Types of Bankruptcy There are three common types of bankruptcy: Chapter 7, Chapter 11 and Chapter 13. Chapter 7 and 13 are for personal debts while Chapter 11 is for business debts. With Chapter 7, most of y...

February 27th, 2019 | Credit and Debt, Home Buying or Selling, How long after bankruptcy should I wait before applying for a mortgage?

Tips to Avoid Identity Theft

Your credit score is an important part of getting a mortgage, your Utah mortgage will want to see your history of using and repaying credit to assess your viability as a borrower beforehand. Some extremely unfortunate souls have run into a worrisome issue in recent years, however: They’ve gone to complete a mortgage deal, only to find that their credit score was torpedoed by identity theft. Identity theft is on the rise, with hackers looking for your personal information and using it to empty your accounts and impact your credit profile. At Advanced Funding Home Mortgage Loans, we'...

January 28th, 2019 | Credit and Debt, Tips to Avoid Identity Theft

How Do Inquiries Affect My Credit Score?

You have probably been cautioned that anytime your credit is checked your credit score is negatively impacted. While this issue is more complicated than it seems, there is some truth to this advice. Your credit score is affected in part by the number of inquiries made into your credit history, but there are different categories of inquiries and some count while others do not. The credit bureaus that collect and score your credit call these two types hard and soft inquiries.   Soft Credit Inquiries Soft credit inquiries are when you personally check your credit score, or when a busi...

December 30th, 2018 | Credit and Debt, How Do Inquiries Affect My Credit Score?