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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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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

Should I Roll My Student Loans into My Mortgage?

Americans owe more today in student loans than ever before and student debt is continuing to rise. As these borrowers start into their careers and become homeowners, they may have the opportunity to consolidate their student loan debts with their home loan. If this sounds intriguing to you, here’s what you need to know before talking to your mortgage broker:   How Does Consolidation Work? If you have enough equity in your home, you can refinance to pull cash out and pay off all your student loans. This means that both debts will now all be paid off together through your month...

September 26th, 2018 | Refinance, Credit and Debt, Saving Money, Should I Roll My Student Loans into My Mortgage?

Should I Make a Bi-Weekly Mortgage Payment?

Many homeowners are eager to pay off or pay down their mortgages in order to save themselves money in interest charges. Many lenders have even anticipated this situation by offering buyers a bi-weekly payment program.   What is a Bi-Weekly Mortgage Payment? Most mortgages are paid once a month, making 12 payments every year. With a bi-weekly payment schedule, the monthly mortgage amount is split into two and paid every two weeks instead. Since there are 52 weeks in a year, this results in 26 half payments annually, totaling 13 whole payments. This means borrowers basically pay...

September 19th, 2018 | Refinance, Home Buying or Selling, Loan Programs, Saving Money, Should I Make a Bi-Weekly Mortgage Payment?