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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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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

Should I Pay Off My Utah Home Mortgage Before Retirement?

As you near retirement, you may be anxious to completely pay off your Utah home mortgage and be debt-free before your traditional income stops. In most cases, this is the best plan but there are situations when holding on to your mortgage into retirement may make more sense.   Why You Should Pay Off Your Mortgage Being debt-free as you start retirement can make the transition to a fixed-income much smoother. Those who do not have their mortgage paid off yet sometimes have to dip into their investments to make their payments. That can result in higher taxes and fewer reserves f...

December 5th, 2018 | Reverse Mortgages, Refinance, Retirement, Should I Pay Off My Utah Home Mortgage Before Retirement?

Jumbo Mortgage Loan Basics

The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan.   What is a Jumbo Loan? Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the r...

November 14th, 2018 | Loan Programs, Home Buying or Selling, Refinance, Jumbo Mortgage Loan Basics

How to Qualify for a Mortgage When Your Income Isn’t Steady

Mortgage brokers and lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course, there are plenty of self-employed entrepreneurs, but there are also people who depend on tips for income, those who get paid by contract and also individuals who work per diem or on call. All of these situations can make it very challenging to provide proof of the steady income that mortgage lenders adore. Fortunately, those with more creative incomes can still qualify for a home loan and it is getting easier. For example, in re...

October 10th, 2018 | Home Buying or Selling, Refinance, How to Qualify for a Mortgage When Your Income Isn’t Steady

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