American Mortgage Resource, Inc.

Providing the Best Financial Resources for Boston and Massachusetts

Tag: home buying

How to Buy a House in 2022

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Buying your first home can be a roller coaster of emotions. This is especially true in these times of a competitive market, making 2022 a rough year to buy a home. It is imperative to understand the basics of the entire process thoroughly. This will help you and your family make an informed decision in the right direction. It is better to have the knowledge for the sake of your family and your financial situation. We have made a step-by-step guide for how to buy a house in 2022.

Step 1: Figure out your financial situation.

Before you start looking for a house, make a detailed and thorough analysis of your financial situation. It will help you make certain decisions easily. For example, you must ask yourself what your price range is, how much you are willing to pay as a down payment, what installments plan you will take, and so on. With all the basic questions answered you will have a clear vision of what you can afford.

Step 2: Obtain a pre-approval for a home loan.

For the first time home buyers, there is an excellent initiative that you can take advantage of including special mortgage plans like FHA Loans. They come with lower interest rates and down payments. With a credit score of 580, you can qualify for a down payment to be as low as 3.5%.

For example, through FHA Loans, you can get a $200,000 house with the installment as low as $7,000. That is better than the traditional 20% down payment rule.

Step 3: Get yourself a real estate agent.

An excellent real estate agent will get you through the technicalities and legalities of the home buying process. They will also show you around other properties in their listings that fits your requirements and agreed upon rates. A once arduous task will now be easy with the help of an experienced professional. The agent will also be taking care of all the paperwork for you, so you can just relax and look for your dream home.

Step 4: Make in-person visits to potential properties.

You can easily look up all the available properties on the internet, but we recommend attending open houses and checking out your potential home in-person. This will broaden your understanding of the market and you might discover some new things along the way. Going in-person to houses might help you get a great deal.

Step 5: Make an offer they can’t refuse.

At this step, we assume you have already landed on your favorite property. It is just a few steps away from being your dream home. This is where your agent comes in to assist. They can help with negotiating the price down. To be concise, make the homeowner an offer that they can’t refuse while still keeping your budget in mind.

Step 6: Close the deal.

It is time to close the deal. You have finally decided on the mortgage plan that you will opt for and have had the house appraised. Schedule a closing date with the home seller. Keep in mind that closing costs are approximately between 2% to 5% of the price of the house. Once it is all said and done, you will be handed over the keys to your new house and that’s how you become a homeowner.

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Buying your first home can be a tedious and nerve-wracking experience. All the technicalities and paperwork involved in the process are time consuming. It is better to have a professional take care of this entire procedure. American Mortgage Resource, Inc. is a licensed home mortgage broker with the best loan options and deals in the market. We will take care of everything in your home buying journey. The only thing that you will do is choose your favorite home. Check out our website or give us a call at (617) 972-8588 to avail our services.     

Tips for Winning a Bidding War

It’s no secret that the current real estate market in the U.S. is a sellers’ market. Properties in most cities and towns across the country are selling at record breaking highs with no clear or definite end in sight.

Those hoping to purchase a home this year have a high chance of engaging in a bidding war, which happen when a property has multiple offers, but not all bidding wars are won by the person with the most money. Follow along for some top tips for winning a bidding war and ensuring you and your family get your dream home.

Find Homes Before They Hit the Market

The competition homes are facing the day they’re listed sometimes leaves purchasing a home up to chance as much as anything else. You can guarantee that the odds will weigh heavily in your favor by finding homes to buy before they officially go on sale. Network with friends, coworkers, and virtually anyone in your local community to ask if they know anyone who may be selling in the near future. Knock on the door of your dream home and ask if they’re willing to sell, you never know what they may say.

Offer Cash

Even when you can’t outbid the highest bidder, many of those selling their homes will accept a lower cash offer instead over a higher financed offer. Not only does offering cash help expedite the entire process, it shows how serious you are about making a final deal.

Write a Personalized Letter

Countless happy homeowners have a heartfelt and personalized letter to thank for their home buying success. Buyers struggling to win their bidding war oftentimes write letters directly to the sellers explaining what they love most about the home, why it is perfect for their family, and other moving details that can help set them apart from the competition.

Agree to Waive Contingencies

Buyers who have been preapproved for a mortgage have the advantage of being able to waive contingencies. Contingencies are clauses that give the parties the right to back out of their contract under specified circumstances that are negotiated between the buyer and seller. These can include home inspections, appraisals, time constraints, financing and other random conditions.

Final Thoughts

Those hoping to buy a home soon should equip themselves with the best real estate agents and loan officers around. There’s nothing like having the support of a highly knowledgeable, reputable, and experienced team on your side when it comes to purchasing the home of your dreams. Head to our website to get the process started today or contact our team for help directly at (617) 972-8588.

Home Equity Loans: The Answer You’ve Been Looking For

Qualifying for certain loans and credit cards can be a difficult and confusing process for many of us. Homeowners have a unique advantage when it comes to borrowing money in a pinch as they may be able to qualify for a home equity loan. Follow along below as we discuss home equity loans and their pros and cons.

What’s a Home Equity Loan?

A home equity loan is a fixed or adjustable form of credit secured by how much equity you have in your home and enables you to borrow against that equity. Essentially this type of loan is a second mortgage as you will have to continue paying your primary mortgage while simultaneously making payments on your new home equity loan.


Home equity loans can save the day when you need help repaying higher interest debt elsewhere or funding home renovations. A distinctive benefit these loans offer is that while their interest rates may be slightly higher, any interest paid on them is tax deductible.


Undoubtedly the biggest risk in taking out a home equity loan is that your lender may be able to force you to sell your home to resolve the loan if you are ever unable to make your payments. Additionally, your home will have to be appraised to establish its value and you will have to provide proof of sufficient credit and income.

Final Thoughts

When considering applying for a home equity loan or any other type of loan, be sure to shop around to compare the varying plans offered by banks, credit unions, and mortgage companies in your area. At American Mortgage Resource, Inc. we have relationships with over 20 different lenders and strive to make the process as simple and smooth as possible. Contact us here to learn more about our affordable services.

Beautiful Bostonian Buildings

Founded in 1630 by Puritans seeking religious asylum, Boston is one of the oldest cities in the United States. Its long and storied history includes a pivotal role in the American Revolution, and one of the most iconic events leading up to that conflict: the Boston Tea Party. As America grew and expanded as a country, so did the city of Boston. Today, Boston is a cosmopolitan center of commerce, technology, and medicine. Over 4 million people live in the greater Boston area.

You’re passively taking in centuries upon centuries of history, simply by taking a walk along the streets of Boston! If you’re a Bostonian, or looking to settle down in the city known as Beantown, the beautiful, historic architecture is one of the more prevalent appeals of this iconic city. This blog will take a look at a couple of Boston’s most storied, beautiful buildings.

Custom House Tower

Boston’s original skyscraper, the Custom House Tower, was originally not intended to be a skyscraper at all! Initially dubbed the U.S. Custom House, the building (sans tower) was completed in 1847, sporting Roman columns around the exterior and composed mostly of granite. The original building’s most striking aspects lay on the inside, as opposed to the outside. A rotunda, or circular ground room, greeted visitors inside, finished with white marble. Looking up revealed a skylit dome, likely to the delight of many historic visitors.

Unfortunately, the building was rendered obsolete by the 20th century. The Custom House needed a face lift to regain traction, and it received much more due to a number of fortuitous circumstances. The famous architects at Peabody & Sterns proposed constructing a new clock tower, on top of the existing building. This would not have been possible due to zoning laws at the time, but the House was owned by the federal government, which meant that it could bypass zoning laws that restricted buildings from rising above 125 feet.

The new tower ended up bypassing this restriction by an egregious amount; by the time Peabody & Sterns finished construction in 1915, the Custom House Tower – as it was now called – it stood an impressive 495 feet tall! The tower was by far the tallest building among the Boston skyline for almost 50 years, when the Prudential Tower was finished.

With this beautiful new addition, complete with an intricate clockwork system at the top, the building enjoyed usage from various federal groups. From 1986 until 1997, the tower was unused, standing alone as a beautiful, albeit seemingly obsolete, part of the Boston skyline. In 1997, it gained a new usage as a Marriott hotel and has remained there since.

City Hall

One of Boston’s most iconic buildings, Boston’s own City Hall doesn’t quite owe its popularity to aesthetically pleasing design and impressive use of color. In fact, City Hall is the subject of constant debate over its appearance, and whether its blocky, austere nature is a welcome addition to the city’s landscape, or a blemish on it.

City Hall is an example of Brutalist architecture, a style which originated in the 1950s. This style makes extensive use of poured concrete, which is visible in City Hall’s exterior as well as its interior. Completed in 1968, the building’s small windows and lack of curvature further contribute to its stiff, austere look. Compared to the classic beauty of Old City Hall, a building that still stands in Boston, the transition from the old building to the new one was met with shock and disdain from citizens and architects alike.

Coincidentally, “brutal” may be a term that comes to mind when you take in City Hall’s blocky shape, heavy use of straight lines, and overall rigid design, which extends all the way to the thin windows and columns. However, the term “brutalism” does not come from the word “brutal,” but rather from the French term “Béton brut,” which means “raw concrete.” This refers to the unfinished concrete that makes it onto the final design of a building. This is an essential part of City Hall’s design. Whether you think City Hall is beautiful or not, it’s undeniable that it stands as an important architectural monument, as well as serving a vital purpose to the city.


The city of Boston houses countless historical buildings, many of which are as beautiful to observe as they are to learn about and explore. This feeling of storied beauty extends to Boston’s housing market, which contains a bevy of old-fashioned and cutting-edge homes alike. If you’re on the market for a home in Boston, you’ll want an agent that can help you secure a property at a great price. Visit our website at to see how you can settle down in one of America’s most iconic cities!

How to Lower the Interest Rate on Your Mortgage

Every single day people all across the globe make small financial decisions in hopes they will add up to big savings and more money in their wallets. However, a dollar saved here and there will only make a ripple in the wave pool of your financial life. Deciding to lower the interest rate on your mortgage is a brilliant financial decision that will help you save huge amounts of money every single month.

Improve Your Credit Score

Putting in the effort and taking the necessary steps to improve your credit score will benefit your financial future in countless ways. Proving to your lender that you are an increasingly financially responsible person will show them that you may deserve a lower interest rate on your mortgage. Some simple steps that will help improve your credit score are to pay all of your bills on time, pay off as much debt as possible, keep credit card balances low, and try to limit the number of hard inquiries on your credit report.

Find the Best Rate

When it comes to your interest rate, just as with anything else, it can pay off to shop around rather than settling on the first option that comes your way. Don’t be afraid to venture outside of the banks and credit unions you are most familiar with in order to land a lower interest rate on your mortgage. Applying and inquiring with multiple lenders is the best way to compare and contrast your best options.


Refinancing your mortgage ultimately means replacing your current home loan with a new one. There are many benefits to refinancing your home, but achieving a lower interest rate is a big one. The current market conditions and your credit score will play a big part in the interest rate you’re granted. Refinancing to a shorter term loan will also help save you money on interest in the long run.


When all is said and done, you should have power over how your money is being spent and invested. It pays off to educate yourself on how mortgages work, how they can be adjusted and why you don’t have to be forever tied to your current interest rate. Call on the experts at American Mortgage Resource Inc. when you are shopping for a lower interest rate or need help refinancing your mortgage.