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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

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?

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?

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?

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?

Buying a Home as a Millennial: Myths Debunked

As a millennial, your probably sick of hearing about millennials are not able to purchase homes. You're a hyper-analyzed generation whose perceived as self-entitled, lazy, and a lives in your parent's basement. You've probably seen the theories swirling around online and on social media outlets trying to explain why millennials can’t buy a home. Or even worse, they offer impractical “advice” about what to do in order to buy a home. The goal of this article isn’t to convince all millennials to buy a home. That’s just not feas...

January 17th, 2019 | Home Buying or Selling, First-time Homebuyers, Buying a Home as a Millennial: Myths Debunked

First-Time Homebuyers Should Avoid These 5 Mistakes

Buying a home in Utah for the first time is a very exciting adventure, but as with any new experience, it can be easy to make plenty of mistakes. In order to make a satisfying purchase, try to avoid these 5 big first-timer blunders.   1. Get Pre-Approved before looking for a home If you are truly ready to make a home purchase, start with first things first. Contact Advanced Funding to get pre-approved for a mortgage. This will give you a good idea of how much home you can afford and it will make you a viable buyer when you find the right house. Otherwise, you run the risk of fal...

January 16th, 2019 | First-time Homebuyers, Home Buying or Selling, First-Time Homebuyers Should Avoid These 5 Mistakes