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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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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?

What are Closing Costs?

When you sit down to sign the papers to buy a home, you will most likely be required to pay closing costs. Mortgage closing costs are the fees associated with the home buying and lending process.   What is included in my closing costs? The types of closing cost fees can vary based on region, property type, and loan type. There are a few basics that most everyone has to pay. These include things like an appraisal fee, for sending an appraiser out to determine the fair market value of the property. Closing or escrow fees are also common, which compensate the title company, escrow fir...

August 22nd, 2018 | Mortgage Basics, What are Closing Costs?

What's the Difference Between FHA Loans and Conventional Mortgages?

If you are just getting started in the home buying process, you have probably come across several different types of Utah mortgage loans as you have researched your options. Two of the most common home loan types are conventional and FHA mortgages. What are the differences between them and when does each make the most sense?   FHA Loans FHA or Federal Housing Administration, loans are government-insurance programs that make it easier for Americans without great credit or large down payments to become homeowners. When a borrower is approved for an FHA loan with an approved...

July 11th, 2018 | FHA Loans, Conventional Loans, Loan Programs, Mortgage Basics, What's the Difference Between FHA Loans and Conventional Mortgages?