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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

Closer Look at Third-Party Fees

Most people don’t need to be told that buying a home is a big deal. Between a down payment, closing costs and being saddled with a sizable loan that’s going to take a while to pay off, there’s going to be a lot of cash flowing from the buyer’s wallet. As a home buyer, to be better informed about where, exactly, your money is going, take a look at the types of services that go into the processing of home loans and the fees you’ll incur for these services. Borrowers should know the ins and outs of third-party fees in particular, as they make up a large ...

October 17th, 2018 | Mortgage Basics, Closer Look at Third-Party Fees

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

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

6 Facts About Private Mortgage Insurance

Private Mortgage Insurance (PMI) is a type of insurance that most borrowers may be required to pay if they are not making a down payment of 20% or more. While you may think you understand the concept of insurance, if you have never bought a house before, you may not realize that PMI is different than most types of insurance. Here are five PMI facts every buyer should know:   1. PMI Protects the Lender, Not the Buyer Most insurance is something you buy to protect yourself – your car, your home, your health, etc. PMI is something you pay for but it actually protects the lender,...

October 3rd, 2018 | Home Buying or Selling, Mortgage Basics, Refinance, 6 Facts About Private Mortgage Insurance

Ins and Outs of a Home Equity Line of Credit

Homeowners have a great source of funding available to them that others don’t: their house! If homeowners have a significant amount of equity in their home or especially if their mortgage is completely paid off, they can make great financial use of their house by taking out a home equity line of credit (HELOC). HELOCs are loans in the form of revolving credit lines that are secured by a home. They work a lot like a credit card – you have a certain limit, you can draw out money as needed, and you only make payments after you have pulled out money from the account. Funds from a ho...

September 5th, 2018 | Mortgage Basics, Ins and Outs of a Home Equity Line of Credit

Homebuying Help: What is Escrow?

Buying a home is often the biggest purchase you make in your life. With all that money on the line, buyers and sellers AND mortgage lenders need a safe and secure way to make the transaction. In order to make sure the home sale and mortgage funds transfer take place properly, the lender will open an escrow account for you.   What is an Escrow Account? An escrow account is essentially a holding spot for all assets involved in a home sale, run by a third party who secures them until all terms and conditions of the sale are carried out. You as a buyer do not want to hand over hun...

August 29th, 2018 | Home Buying or Selling, Mortgage Basics, Homebuying Help: What is Escrow?