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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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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?

Why Do Mortgage Rates Go Up and Down?

Mortgage rates fluctuate from week to week and they can make huge swings from decade to decade. In the early 1980s, for example, mortgage rates were as high as 18% while roughly 30 years later they are less than a third of that rate. What causes Utah interest rates to change? What factors affect the direction of rates?   The Fed The Federal Reserve is tasked with keeping balance between inflation and the national unemployment rate. One of the ways it influences this balance is with it federal funds rate – the interest rate that banks charge each other for overnight loans. The...

January 30th, 2019 | Mortgage Basics, Interest Rates, Why Do Mortgage Rates Go Up and Down?

3 Things You Need to Know About ARM Loans

Adjustable rate mortgage (ARM) loans always grow in popularity when interest rates are on the rise. Some borrowers think ARMs are the best way to save money on their mortgage in a higher rate climate. ARM loans can also be helpful for those who do not plan to stay in their home more than a few years. Whatever the reason, if you are considering an adjustable rate mortgage here are three things you need to know before signing.   1. What type of ARM are you getting? Of course, you already know that an adjustable rate mortgage means that eventually your loan interest rate can adjust hi...

January 23rd, 2019 | Loan Programs, Mortgage Basics, Interest Rates, 3 Things You Need to Know About ARM Loans

Interest Rate vs Annual Percentage Rate (APR)

Interest rate and annual percentage rate (APR) - those are the same things, right? Unfortunately, too many mortgage buyers don’t realize the answer is no. The interest rate on your Utah mortgage loan is different from the APR and understanding both is important to getting the best deal on your mortgage.   Interest Rate The interest rate on a loan is the cost of borrowing the mortgage principal. It is a percentage of the amount and can be either fixed or variable. The interest rate is amortized over the life of the loan and the interest payment is rolled into the monthl...

January 10th, 2019 | Interest Rates, Mortgage Basics, Interest Rate vs Annual Percentage Rate (APR)

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

Difference Between a Mortgage Interest Rate and an APR?

What is the Difference between a mortgage interest rate and an APR? Answer: An annual percentage rate (APR) reflects the mortgage interest rate plus other charges. There are costs associated with getting a mortgage loan in Utah. These include, but not limited to: Interest Rate Discount Points Fees or Closing Costs Other charges The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An ...

December 5th, 2018 | Interest Rates, Mortgage Basics, Difference Between a Mortgage Interest Rate and an APR?