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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

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

What is a Reverse Mortgage?

In the past decade, reverse mortgages have gained a lot of traction as a retirement tool. And yet, many people still do not understand reverse mortgages or their purpose. If you are one of those people, here’s what you need to know:   What Is It? A reverse mortgage is a loan that allows homeowners to use the equity in their home without having to make monthly repayments. While there are some risks and downsides, using a reverse mortgage can be a helpful financial strategy for seniors.   How Does It Work? After being approved, the borrower gets either a lump sum fr...

October 24th, 2018 | Reverse Mortgages, Retirement, Loan Programs, What is a Reverse Mortgage?

How to Save for Your House Down Payment

Buying a home is a big step in life and a significant commitment. Most of us will need to secure financing, working with a Utah mortgage broker, to purchase a new home. For this step, a majority of programs require a down payment. A down payment for a home loan is the amount, in percentage, that you need to pay towards the total price of your desired home. With the right planning and realistic expectations, you can have the money you need for the down payment on for your new home.   Planning for Your House Down Payment The planning stage of the home buying process st...

October 23rd, 2018 | First-time Homebuyers, Home Buying or Selling, Loan Programs, How to Save for Your House Down Payment

Mortgage Amortization: Understanding Your Mortgage Payment

Mortgage amortization is intimidating-sounding (the word “amortization” literally means “to kill off”) that has to do with paying off your home loan. While it can be kind of tricky to understand exactly what amortization is and what it means for your monthly mortgage payments, it’s worth figuring out. Knowing what your amortization schedule looks like can help you decide if it would be more cost-efficient for you to be making additional payments on your mortgage.   What Is Amortization? Mortgage amortization refers to a lo...

October 5th, 2018 | Loan Programs, Mortgage Basics, Mortgage Amortization: Understanding Your Mortgage Payment

Conforming vs Non-Conforming Mortgage Loans: What’s the Difference?

There’s a lot of unfamiliar, and often confusing, vocabulary in the mortgage process, and it’s important to know your terminology. If you’re looking to buy or refinance a home, it’s important to understand mortgage terms that may be used. What’s the difference between a conforming and a non-conforming loan? What are the benefits of each?   What Is a Conforming Loan? A conforming loan is a loan that meets the requirements so that it can be sold to Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA), USDA (Rural Housing Development) or D...

October 1st, 2018 | Conventional Loans, Loan Programs, Conforming vs Non-Conforming Mortgage Loans: What’s the Difference?

Should I Make a Bi-Weekly Mortgage Payment?

Many homeowners are eager to pay off or pay down their mortgages in order to save themselves money in interest charges. Many lenders have even anticipated this situation by offering buyers a bi-weekly payment program.   What is a Bi-Weekly Mortgage Payment? Most mortgages are paid once a month, making 12 payments every year. With a bi-weekly payment schedule, the monthly mortgage amount is split into two and paid every two weeks instead. Since there are 52 weeks in a year, this results in 26 half payments annually, totaling 13 whole payments. This means borrowers basically pay...

September 19th, 2018 | Refinance, Home Buying or Selling, Loan Programs, Saving Money, Should I Make a Bi-Weekly Mortgage Payment?