American Mortgage Resource, Inc.

Providing the Best Financial Resources for Boston and Massachusetts

Tag: budget

How to Know If You’re Buying the Right Home

April 30, 2021 / / 0 Comments

What steps are you taking to ensure you are not buying a faulty home? When purchasing a home, it could be nerve-racking because of the financial commitment that is required. The time you invest in a house could be a few years or a lifetime. Many factors come to mind with purchasing the right home, such as the size, design, quality, and location of your home. All these elements define your future life and the comfortability that you will enjoy with your new home. Also, you may want to think about if your preferences will change over time. It is not necessary to get crushed by all weight of all these things to consider. It would be best to have a checklist, an understanding of numbers, and knowing your particular tastes.

Home Aesthetics

The architectural wishes of an individual are the starting line for choosing the perfect home. The best plan to take is to make a checklist before making any rash decisions. A person needs to contemplate what they desire, such as the number of bedrooms. It is crucial to consider the size of shared spaces like the kitchen, living room, and even back porch. Bearing in mind family gatherings, this will allow the house to bring comfort and breathing space.

Additionally, narrow hallways might not be an individual’s cup of tea. Potential homeowners need to look at the convenience of the house as well. They need to look at the floorplan, cabinetry, kitchen style, window lights, and so much more. It is essential to ask these important questions when evaluating a house because it will shape the home experience.

Making an Offer

Future homeowners who find their perfect house that consists of all their needs, wants and desires need to offer confidently. Putting an offer down can be challenging—however, read through the checklist to ensure that the house is the right home. Going back to the list can confirm that the house has the correct amount of rooms, space, size, aesthetics, and more. A prospective homeowner should walk through the house and imagine what life would be like. They need to open the cabinets, explore the closets, and try to look for a reason not to purchase the house. In the end, a perfect home is a perfect home. A homeowner should put down a bid without any doubt.

The Numbers

Budgeting is vital in making any significant and costly decision. An individual needs to know the numbers of expenses and their realistic price range. The budget needs to consist of escrow, real estate price, mortgage interest amount, and closing costs. Also, the house may need minor repairs, upgrades, or renovations after moving into a home. It isn’t easy to know all the numbers of a house, but some professionals can help you understand what you need to consider before buying a house.

Conclusion

If you’re deciding between several houses, it can feel overwhelming. However, when you have a checklist and know the numbers, it can make everything a lot easier. Find the best financial strategy in negotiations, bidding, and mortgage by visiting American Mortgage Resource, Inc. We specialize in home loans for home refinancing or first-time buyers with very competitive low mortgage rates in Waltham, MA, the Boston area, and the entire Massachusetts state.  Contact us at (617) 972-8588 to learn the appropriate loan program for you.

Budgeting Your Mortgage During the Holidays

December 27, 2019 / / 0 Comments

The holiday season is great for spending time with family, eating delicious food, and decorating your home with lights and ornaments. It is not, however, the best time of year to save money. After weeks of buying gifts for all your friends and family, your budget can suffer a major shock. The following are a few tips to keep your mortgage and other bills affordable during the holidays.  

Record Your Base Income and Essential Expenses

First, you need to know exactly how much money you have coming in. What counts as income, you ask? All money that comes into your account each month is considered income. This includes paychecks, side jobs, residual income, gigs, and etc. Make a list of all your revenue streams and then add them up.

Before the month begins, write down every expense you know is coming your way. The essentials like food, shelter, clothing, transportation, and utilities should be recorded first followed by things like phones, streaming services, cable and so on.

Plan Ahead for Christmas

You know Christmas is in December every year, but sometimes it just sneaks up on you anyway. To mitigate this problem, start saving money for your Christmas gift budget months in advance if you can so it won’t feel like it’s wiping you out at the last minute.

It’s not just gifts either. Don’t forget that you’ll need things like gift wrap, decorations, and ingredients for that secret Christmas-cookie recipe. If your employer throws a Christmas party or gift exchange, you have to add that to the Christmas budget too!

Subtract Income from Expenses

Once you have a solid understanding of how much to have to spend, you can start to put the numbers to work by deducting your expenses from your income. Don’t be too troubled if your income and expenses don’t balance each other out initially. All this means is that you need to do something to bring one of the numbers up, the other down, or both. Don’t spend anything that’s not accounted for. If the budget for your brothers present is $50, stay within that, or subtract the difference elsewhere to make it balance.

If it turns out you’re still spending more than you’re taking in, make a few cuts to your discretionary spending. Try buying generic groceries, cutting out your daily trip to Starbucks, or taking a carpool or public transportation to work.

Take a look at how much you spent on Christmas gifts last year. Is it reasonable to increase your budget or decrease it? Set a goal for your gift fund and use your Christmas budget to help you get there, one responsible spending decision at a time! You’ll be amazed at how much disposable income you will have at the end of it.

Conclusion

It’s always better to give than to receive during the Christmas season. While it can be stressful to reconcile your mortgage payment and other expenses with gift-giving during the holidays, the above tips can help immensely and keep your bank account healthy. For information on mortgage budgeting and other financial resources, contact the professionals at American Mortgage Resource, Inc.   

Your Home Loan Guide to Getting Approved

November 22, 2019 / / 0 Comments

Purchasing a home, especially as a first time buyer, has proven to be a long and difficult process. It’s stressful, a pain and a real headache to go through. In this article, we discuss what it takes to get a home loan approval and how to meet the minimum requirements to qualify. Let us help you with these simple tips!

Improve Your Score 

A good way to start the approval process is to improve your credit score. It’s important to make your score as high as possible before applying, scores of 740 or more are suggested; the higher the better. Once you feel it’s acceptable, you’ll need to grab a copy of your credit report from all three credit reporting agencies: Equifax, Experian and TransUnion. Be sure to check each report thoroughly for errors.

Get Pre-Approved

After getting your credit checked, don’t go shopping for a new home just yet. Another thing you’ll need is a pre-approval letter from a loan officer. During this process, they will check your credit and validate your finances. To get pre-approved, it is important to gather the following documents: W2’s and paycheck stubs, 2 years of tax returns, 2-3 months of bank statements and proof of down payment.

Know Your Type and Budget

There is no “one size fits all” home loan. Depending on your budget, you may qualify for loan programs that offer a variety of advantages. Since buying a home is such a major investment, it’s important to keep in mind your finances and budget costs for all home ownership expenses. Researching the different loans can help you know exactly what you’re getting into. If you’re a first time buyer, it’s beneficial to know the types of loans that are available for you such as a FHA (Federal Housing Administration) loan.

Conclusion

Home loans can be complicated and confusing for many first-time and even veteran home buyers. We can help guide you through this significant financial decision and get you approved for the home loan that works best for you! American Mortgage Resource, Inc. has the solutions you need to ensure that your loan application gets approved and the process runs smoothly.

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