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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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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?

Understanding Utah Interest Rates

Advertised Utah interest rates generally reflect the national average. What they may not reflect is your individual loan situation. Borrowers often believe, when they see a listing of “today’s mortgage rates,” that the listed rates accurately indicate what their home purchase or refinance loan will cost them. However, unless you obtain a personalized rate quote from a mortgage broker or mortgage lender, you have no way to accurately determine what your total borrowing costs will be.   How Mortgage Rates Affect Your Borrowing Costs In the mortgage industry, rate...

November 10th, 2018 | Mortgage Basics, Interest Rates, Understanding Utah Interest Rates

30-Year Mortgages vs 15-Year Mortgages

The majority of Utah home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations.   Payments If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15...

November 8th, 2018 | Interest Rates, Mortgage Basics, Loan Programs, 30-Year Mortgages vs 15-Year Mortgages

How to Get a Low Interest Rate on a HELOC

The amount of available home equity has recently hit all-time highs, meaning now is a great time to tap into your home’s value with a home equity line of credit (HELOC). These are revolving accounts that allow you to draw out money for anything from home improvement to college tuition to debt consolidation. Of course, just like with your primary mortgage, finding the best rate on a HELOC is essential. Here are some tips for scoring a great interest rate:   Check Your Equity The more equity you have in your home, the better your odds are of being approved and offered a good ...

October 17th, 2018 | Interest Rates, How to Get a Low Interest Rate on a HELOC

Understanding Interest Rate Locks

Until the interest rate is locked, the credit you receive (or the price you pay) for an interest rate can change minute by minute. Once your interest rate is locked, as long as your loan closes within the allocated lock period, your interest rate and credit are secured. Now, rather than worry about what is happening in the interest rate market, the focus will change to ensuring your loan closes within the allotted lock period.   Interest Rates and the Media Between now and the time that your loan closes, you may hear the media talk about interest rates rising or drop...

October 12th, 2018 | Interest Rates, Mortgage Basics, Understanding Interest Rate Locks

Is a Fixed Rate Mortgage or Adjustable Rate Mortgage Better for Me?

When you are in the market for a Utah mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals.   Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - a loan with a fixed mortgage rate, an interest rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly paym...

August 15th, 2018 | Refinance, Loan Programs, Home Buying or Selling, Interest Rates, Is a Fixed Rate Mortgage or Adjustable Rate Mortgage Better for Me?