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Mortgage Blog

Advanced Funding Home Mortgage Loans' weekly Utah mortgage blog is chock full of mortgage advice, tips, and the latest Utah mortgage and housing news. Whether you're considering a Utah refinance mortgage or the purchase of a new home in Salt Lake City or surrounding areas, we have the information and expertise to assist you in preparing for your homeowner journey. Our mission is to help you better understand how a mortgage in Salt Lake City  works, so that you can make decisions that will maximize your savings, qualify you for the amount you desire, and avoid costly missteps. And when the time comes to begin the loan process we will be here to assist you throughout the entire mortgage process.
 

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 a government-insurance program that makes 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 lender...

July 11th, 2018 | Government Loans, Conventional Loans, Purchasing a Home, FHA, First-Time Homebuyers, Home Buying Tips, What's the Difference Between FHA Loans and Conventional Mortgages?

Happy Independence Day 2018!

We wish you a Happy Independence Day and hope that your day is filled with great food, fun, friends, family, and fireworks. Let us all remember the founding of our great nation and the freedoms we enjoy and all those who have sacrificed so much for us and our country. May we all come together to strengthen and protect freedom, liberty, and independence for all. If you know of anyone looking for a mortgage in Utah? Please let them know that they can contact Advanced Funding at 801-272-0600 today and we can go over the best Utah mortgage options for them.

July 3rd, 2018 Happy Independence Day 2018!

Pre-Approval vs Pre-Qualification

When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in some ways, their purposes are different. If you're looking to get a Utah mortgage, here’s what you need to know about a pre-qualification and a pre-approval.   Pre-Qualification A Utah home loan pre-qualification is an informal estimate of how much you can afford and how much a bank would be willing to lend you. It can take place on the phone, in person or even online. The lender will ask for r...

June 27th, 2018 | Purchasing a Home, Home Buying Tips, First-Time Homebuyers, Pre-Approval vs Pre-Qualification

4 Things Every Borrower Needs to Know About Utah Mortgage Brokers

Buying a home in Utah, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process.   A mortgage broker is a middleman Utah mortgage brokers act as go-betweens for you and many different potent...

June 20th, 2018 | Home Buying Tips, Refinance, 4 Things Every Borrower Needs to Know About Utah Mortgage Brokers

Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a Utah home purchase is the right decision for you right now.   Can you Afford It? If the cost to own a home – mortgage, homeowners insurance, and property taxes included – is less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances ...

June 14th, 2018 | Home Buying Tips, First-Time Homebuyers, Should I Rent or Buy?

4 Reasons You Don’t Want to Pay PMI

Years ago, a 20% down payment was a requirement for obtaining a Utah mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of foreclosure. However, in more recent years, lenders have gotten much more creative in financing to help more Americans become homeowners. There are now mortgage loans that require as little as 3% down up front. In order to compensate for that added risk of loss, lenders require borrowers with a down payment of less than 20% to pay f...

June 7th, 2018 | Home Buying Tips, Refinance, 4 Reasons You Don’t Want to Pay PMI

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Your Local Utah Mortgage Broker

As a Utah mortgage broker we work with several different mortgage lenders, enabling us to offer you a variety of mortgage programs at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more options to help you achieve your goals. Whether you're buying a new home or refinance your current home, Advanced Funding is here to help. Our loan professionals are available to help you during regular business hours or time that is more suitable to your needs. Call today for more information, 801-272-0600.

Utah VA LOAN ADVANTAGE

Veterans Affairs mortgages, better known as VA loans, make it easier for veterans to get financing to buy a home. Utah VA loans usually do not require a down payment and are available to military veterans and active military members. The Utah VA mortgage remains one of the few mortgage options for borrowers who don’t have the money for a down payment. VA loans are somewhat easier to qualify for than conventional mortgages. It offers a great benefit to those who are serving or have served our country.

Advanced Funding Home Mortgage Loans
6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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