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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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Should I Refinance? Costs and Benefits of a Utah Refinance

Your mortgage can be a very powerful financial tool that can help you in a variety of situations. The major way you take advantage of the built-up equity and other financial power is by refinancing your home. But when should you do it? Are there any downsides? The answers to these questions really depend on your goals and what you hope to get out of the Utah refinance. In this post, we’ll go over several scenarios where you might refinance and how to determine if it’s right for you.   Why Should I Refinance My Mortgage? There are a lot of reasons you might ...

March 12th, 2019 | Refinance, Should I Refinance? Costs and Benefits of a Utah Refinance

4 Ways to Lower Your Mortgage Payment

Your home is probably your largest asset and your mortgage payment is more than likely one of your largest expenses each month. When looking at these numbers do you feel like your monthly mortgage payment is too high? If so, here’s a few ways to lower your monthly payment on your house.   Remove Private Mortgage Insurance (PMI) Home values have risen dramatically over the past few years. If your original down payment was less than 20%, you’re probably paying PMI. Your home could have enough equity to refinance and remove your monthly PMI payments which could save y...

March 10th, 2019 | Refinance, Saving Money, 4 Ways to Lower Your Mortgage Payment

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?

Should I Choose a Cash-Out Refinance or HELOC?

When you need a chunk of cash for a project, your home may be the best source of funding. Fortunately, you do not need to sell your home to take advantage of your equity. There are two popular and practical ways to pull cash out of your home: a cash-out refinance mortgage and a home equity line of credit (HELOC).   Cash-Out Refi’s A cash-out refinance loan replaces your existing mortgage with a new, larger loan, allowing you to take out cash in exchange for some of your existing equity. Lenders typically cap your cash-out refi at 80% of the home’s value. For example, le...

February 20th, 2019 | Refinance, Saving Money, Should I Choose a Cash-Out Refinance or HELOC?

Using Your Home Equity to Consolidate Debt

When interest rates increase borrowing money becomes more expensive for all sorts of things, including homes. Although this makes it more expensive to buy big-ticket items, it’s not all bad. As interest rates rise, the interest rates on your money that you save also tend to increase, making the money you do have worth more. If the money you have is worth more, it stands to reason you don’t want to keep spending a bunch of it paying off credit cards and other debts at a high rate of interest. And although interest rates might be going up, so are home values. This...

December 20th, 2018 | Refinance, Saving Money, Using Your Home Equity to Consolidate Debt

What You Need to Know About Mortgage Prepayment Penalties

Although they are not nearly as common today, some mortgage loans do come with a prepayment penalty. Home loan borrowers should be aware of them before signing their names on the dotted line. Here’s what you need to know about prepayment penalties:   What is a prepayment penalty? A prepayment penalty is a fee the borrower must pay if they pay off the mortgage loan faster than the agreed terms. They often only apply during the first three years of the loan. Some prepayment penalty clauses also stipulate that a borrower cannot pay off more than 20% of the loan balance each year...

December 12th, 2018 | Mortgage Basics, Home Buying or Selling, Refinance, What You Need to Know About Mortgage Prepayment Penalties