801-272-0600
nathan@advancedfunding.com
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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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Home Appraisal FAQs

A home appraisal is an important part of the home-buying process. If you're ready for this step, you may have some questions about what happens.   What is a home appraisal? A home appraisal is a professional evaluation of the value of a property. It's typically conducted by a licensed, certified professional. The appraiser is an unbiased individual with the necessary knowledge and experience to determine the fair current value of a home.   Who pays for a home appraisal? A home appraisal that's conducted as part of the home buying process is typically paid fo...

March 19th, 2019 | Mortgage Basics, Home Appraisal FAQs

5 Things to Do After Your Mortgage Closes

After sitting down at the mortgage closing table to sign all the paperwork, you get the keys and can breathe a sigh of relief. But before you tuck all those mortgage papers away for good, there are at least five things you still need to do after closing to make sure everything is on track.   1. Figure Out the Date of the First Mortgage Payment Your mortgage broker or title company should have let you know this important fact before or at closing, but with so many papers and numbers being thrown at you, it might get missed. Your escrow account often requires enough money f...

March 13th, 2019 | Mortgage Basics, Homeowner Tips, 5 Things to Do After Your Mortgage Closes

What's Included in My Monthly Mortgage Payment?

When you get a mortgage to buy a home it’s important to understand the breakdown of your monthly mortgage payment. This will help you keep track of your finances, and to help you figure out your timeline of when you should be able to pay off your Utah home loan.   The Different Costs Of course, you pay your mortgage each month, but have you ever taken a deep dive into what your mortgage payment actually includes? There’s a handy acronym to help you remember what’s all incorporated in your monthly mortgage payment—PITI. Let’s take a look.   Pri...

March 4th, 2019 | Home Buying or Selling, Refinance, Mortgage Basics, What's Included in My Monthly Mortgage Payment?

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