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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

Ins and Outs of a Down Payment

Being able to purchase a home is often tied to how much of a down payment you have saved. If you have never bought a house before, you may not understand what a down payment is or why it is so important. Here are the basics you need to know as you save up for your first Utah home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to mortgage brokers and mortgage lenders because it shows them you are serious about the purchase and committed to paying off your loan.   How Down Payments Affect Your Mortgage The size of you...

January 2nd, 2019 | Conventional Loans, First-time Homebuyers, VA Loans, FHA Loans, Interest Rates, Home Buying or Selling, Ins and Outs of a Down Payment

What You Need to Know About Mortgage Prepayment Penalties

Although they are not nearly as common today, some mortgage loans do come with a prepayment penalty. Home loan borrowers should be aware of them before signing their names on the dotted line. Here’s what you need to know about prepayment penalties:   What is a prepayment penalty? A prepayment penalty is a fee the borrower must pay if they pay off the mortgage loan faster than the agreed terms. They often only apply during the first three years of the loan. Some prepayment penalty clauses also stipulate that a borrower cannot pay off more than 20% of the loan balance each year...

December 12th, 2018 | Mortgage Basics, Home Buying or Selling, Refinance, What You Need to Know About Mortgage Prepayment Penalties

What Are Seller Concessions?

The dance between home buyer and seller is a tricky one. Although it might seem like a match made in heaven – one person wants to buy a house, the other has a house to sell – there are a lot of factors that go into whether a sale will be successful or not. One such factor is the seller concession. If you’re looking for a home, seller concessions can be a way to lighten the load of all the loan costs you’ll have to deal with as a buyer. However, approach with caution, as not all sellers are amenable to concessions, and asking for them could sour your deal....

November 29th, 2018 | Home Buying or Selling, What Are Seller Concessions?

4 Documents You Need for Mortgage Pre-Approval

Getting a mortgage pre-approval is a smart step before you go out looking for a home. A pre-approval letter shows sellers that you have already proven to a mortgage company that you have the income and down payment to qualify for a mortgage loan. This allows sellers to take you seriously, especially in a hot seller’s market. Pre-approvals can be quick and painless if you have the right documents lined up. While each mortgage lender may require slightly different paperwork, there are at least four documents that almost all mortgage brokers will need.   Income and Employmen...

November 28th, 2018 | First-time Homebuyers, Home Buying or Selling, 4 Documents You Need for Mortgage Pre-Approval

Jumbo Mortgage Loan Basics

The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan.   What is a Jumbo Loan? Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the r...

November 14th, 2018 | Loan Programs, Home Buying or Selling, Refinance, Jumbo Mortgage Loan Basics

Using Gift Money for Your Down Payment: What You Need to Know

You're planning on buying a home in the new future when your lease is up. You don't have much saved for a down payment due to recently getting married. So you're considering asking a family member for a gift for your down payment. You might think that you can just use whatever financial gifts your friends and family give you for a down payment, but using gift money is not as cut and dry as you might think. Whether you have $20 or $20,000, the source of the funds in your bank account will matter just as much as how much money you actually have. To understand why the sou...

November 2nd, 2018 | First-time Homebuyers, Home Buying or Selling, Using Gift Money for Your Down Payment: What You Need to Know