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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

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?

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

Home Equity Loan vs HELOC

For many people, their home is their largest asset. And its value generally grows over time, producing more equity for the homeowners. How can homeowners make use of this equity without selling their house? A home equity loan or a home equity line of credit (HELOC) are both popular options with different pros and cons.   Home Equity Loan A home equity loan is a second mortgage that is structured very similarly to a traditional mortgage. The amount of the loan will be based on the owner’s existing equity in the home as well as by income and credit history. If all the right fac...

December 26th, 2018 | Loan Programs, Home Equity Loan vs HELOC

Closer Look at the VA Funding Fee

The VA Funding Fee is a government fee applied to every VA purchase and refinance loan in Utah. This fee goes directly to the Department of Veterans Affairs to help cover losses and keep the loan guaranty program running for future generations of military homebuyers. The fee changes depending on several factors, including the nature of the borrower’s service, whether the borrower has used the benefit before, the type of loan and whether there’s a down payment. Borrowers with service-connected disabilities and select others might not have to pay it at all. Let’s take ...

December 4th, 2018 | VA Loans, Loan Programs, Closer Look at the VA Funding Fee

VA Loans - Residual Income Requirements

For eligible active-duty service members, veterans and surviving spouses, the VA loan is a really good deal if you’re looking to buy a home in Utah. Its benefits include a 0% down payment and a funding fee that can be paid at closing or rolled into the loan instead of mortgage insurance. You may be familiar with the fact that lenders take a look at your monthly debt payments in order to help determine how much house you can afford. However, VA loans also take into account the concept of residual income. Before we get to that, let’s touch on the basics.   What&...

December 1st, 2018 | VA Loans, Loan Programs, VA Loans - Residual Income Requirements

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