801-272-0600
nathan@advancedfunding.com
Apply Now
Secure Doc Upload

Advanced Funding Logo

Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

Pre-Approval vs Pre-Qualification

When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in some ways, their purposes are different. If you're looking to get a Utah mortgage, here’s what you need to know about a pre-qualification and a pre-approval.   Pre-Qualification A Utah mortgage pre-qualification is an informal estimate of how much you can afford and how much a bank would be willing to lend you. It can take place on the phone, in person or even online. The lender will ask for re...

June 27th, 2018 | First-time Homebuyers, Home Buying or Selling, Pre-Approval vs Pre-Qualification

Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a Utah home purchase is the right decision for you right now.   Can You Afford It? If the cost to own a home – mortgage, homeowners insurance, and property taxes included – is less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances ...

June 14th, 2018 | First-time Homebuyers, Home Buying or Selling, Should I Rent or Buy?

4 Reasons You Don’t Want to Pay PMI

Years ago, a 20% down payment was a requirement for obtaining a Utah mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of foreclosure. However, in more recent years, lenders have gotten much more creative in financing to help more Americans become homeowners. There are now mortgage loans that require as little as 3% down up front. In order to compensate for that added risk of loss, lenders require borrowers with a down payment of less than 20% to pay f...

June 7th, 2018 | Refinance, Home Buying or Selling, 4 Reasons You Don’t Want to Pay PMI

Understanding Your Loan Estimate

Buying or refinancing a home represents the largest financial transaction many of us will ever make. Therefore, it makes sense that you’d want to understand the details of the loan you’re getting. As part of your mortgage transaction, the Consumer Financial Protection Bureau (CFPB) requires that you receive a Loan Estimate at the beginning of your loan application process. Let’s look at the details of the Loan Estimate and discuss what you need to look for when applying for a new home loan.   Purpose and Timing of Your Loan Estimate Your Loan Estimate s...

June 6th, 2018 | Home Buying or Selling, Refinance, Mortgage Basics, Understanding Your Loan Estimate

Does Being Married Matter When You're Getting a Utah Mortgage

This post was originally published on Neighborhoods.com SARA WATSON - National Homeownership There’s an old-school order to things. Couple meets. Couple marries. Couple buys a house. Couple has kids. But this is 2018. As millennials are increasingly waiting to get married and have children, they may prefer to put a mortgage on it instead of a ring. In fact, a recent marriage and homebuying study from Coldwell Banker showed that one in four couples between ages 18-34 purchased a home together before they got married. When it comes to mortgage loans, howev...

April 20th, 2018 | Home Buying or Selling, Refinance, Mortgage Basics, Lifestyle, Family, Does Being Married Matter When You're Getting a Utah Mortgage

Pre-Approved for a Utah Mortgage? Don’t Do These Four Things.

When purchasing a home, your Utah mortgage pre-approval is based on your current financial situation. That’s why once you're pre-approved, you should avoid making big changes to your finances. Here are several things you’ll want to avoid doing while you’re in the process of financing a home purchase: 1. Taking on more debt. Talk to your lender first before you open any new credit accounts, request a credit line increase or co-sign on a loan. As a general rule, you’ll want to avoid taking on any new debt before you close on your home. 2. Changing...

April 17th, 2018 | First-time Homebuyers, Home Buying or Selling, Pre-Approved for a Utah Mortgage? Don’t Do These Four Things.