American Mortgage Resource, Inc.

Providing the Best Financial Resources for Boston and Massachusetts

Tag: Mortgage (page 2 of 3)

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.

Most Affordable Communities to Buy a Home in Waltham, MA

Just west of Boston lies Waltham, MA, a quaint and scenic small town centrally located in between 3 major highways. Through its southern end flows the Charles River and as you head north you’ll find that it’s also home to several colleges, parks, and even a music theatre.

Piety Corner Historic District

Piety Corner Historic District is a quiet area in town adorned with red brick buildings and parks. Most homes in this area are bungalow, colonial, and ranch style homes in addition to the common condo. This community is great for local hiking and outdoor recreation at parks like Prospect Hill Park. Piety Corner is also very kid-friendly, with schools for kids of all grade levels nearby.

The South Side

The South Side is a large yet quiet suburb style community filled with many single family homes and gorgeous condos. This part of town is separated from the rest of town by the Charles River, giving the South Side and its surrounding communities a private and secluded feel.

Banks Square

A popular and affordable neighborhood in Waltham is Banks Square. This community is known for its charming neighborhoods filled with condos, townhomes, and single family homes. Though this area is set back slightly further away from most schools, it is only blocks away from the town’s main street, which is a popular hub for shopping and dining.

Final Thoughts

Waltham, MA is a fantastic place for new and growing families due to its affordability and number of parks and private/ public schools. Just outside the desirable Piety Corner community lies your one stop shop for home loans, mortgages, and refinancing in Waltham. At American Mortgage Resource, Inc. you will receive personalized home buying support from highly skilled experts that are also members of the local community.

Private Mortgage Insurance (PMI)

When it comes to a mortgage, considering all of your options is crucial in finding the arrangement that best meets the continued needs of you and your family. Many private insurance companies will offer home buyers PMI, which is a deal typically established by the lender and paid for by the borrower, but can benefit both parties. Continue along with this month’s blog for more information about PMI and to find out if it’s right for you.

The Purpose of PMI

PMI is sometimes required of home buyers who have put down a deposit that’s less than twenty percent of their loans total value or who have taken out a conventional loan rather than a government assisted loan. Essentially PMI is insurance coverage for the lender to ensure they will be repaid the amount of the loan in full.

Pros of Having PMI

Agreeing to PMI can help home buyers who are struggling to qualify for a loan large enough to afford a home. It can also help them qualify for their desired loan much more quickly. As the prices of homes continue to soar every year, a prolonged plan to save for a larger deposit may not be the best option for some potential home buyers.

Cons of Having PMI

The biggest downside of PMI is that it’s an additional monthly expense or upfront cost that new home buyers are responsible for paying in addition to their mortgage. It’s also an expense for a service that doesn’t directly benefit those funding it. PMI will usually have to be paid until the borrower has compensated a predetermined minimum on their principle.


Private mortgage insurance can help countless families finally catch the break they need to afford a home. For more information on how to get approved for a loan, visit this article. For expert help through the loan and mortgage processes, contact our professionals here for guidance you can trust.

3 General Refinance Loans

Are you planning to refinance your mortgage? Do you want to take advantage of lower interest rates or perhaps lower your monthly payments? When you start to shop around for the best offers, it’s important to understand which loans you can get approved for. There are some refinance loans that may be better suited for your financial needs. Follow along in our blog to learn more about the general refinance loans you can apply for.

Rate-and-Term Refinance Loan

If you’re looking to save money on monthly payments or switch your loan from an adjustable rate to a fixed rate, then this loan can help with that financial goal. It can change the interest rate, loan term, or even both, without changing the actual amount of the loan. Experian comments that “if your original mortgage has an adjustable rate, moving to a loan with a fixed rate can help you avoid market fluctuations.”

Cash-Out Refinance Loan

Need quick cash for a home improvement project? Then a cash-out refinance loan may be right for you. When you apply for this type of loan, you are essentially taking out a portion of your home’s equity in order to get a large amount of cash. However, be cautious that this will most likely increase your loan amount, as well as result in higher monthly payments.

Cash-In Refinance Loan

While not as common as other loan alternatives, cash-in refinance loans are still an option for homeowners. Instead of taking out cash, you’re putting money into the loan to reduce the new mortgage balance. Consider this loan if you’re interested in qualifying for a lower interest rates, underwater on your mortgage or want to get rid of private mortgage insurance


Have any questions about the loan process? Get in contact with a representative from American Mortgage Resource, Inc. We can help guide you to make the right financial decision. Call or visit our website for more information. We look forward to speaking with you soon!

What is a Jumbo Loan?

If you are new to the world of loans and home buying/owning, we are here to help you better understand! In this months blog we will be going over what exactly you need to know about a jumbo loan. Continue reading if you’re ready to learn!


A jumbo loan is essentially just what it sounds like. When it comes to buying the home of your dreams, sometime the price is just too high. A simply loan wont cut it and you don’t have enough in your bank account. A jumbo loan is here to help! When the price of your dream home is high, so is a jumbo loan. What makes a jumbo loan so special is that it goes outside of the normal restrictions of what size a loan you can get from the bank. They are classified as non-conforming loans since they don’t follow the typical guidelines. They will differ per area you are looking to buy in, so it’s important to properly research jumbo loans in each area. You wouldn’t want to find your dream home in a spot that has limitations that will restrict your loan. 

Another concept you need to keep in mind when considering jumbo loans is that you might see it’s difficult the find someone willing to give you a loan of that size. Jumbo loans, which can be incredibly beneficial in the end, are also extremely risky. As mentioned before, they don’t work within the typical loan guidelines, which make the risk large should you not be able to pay everything off in the end. With all that being said, the specific qualifiers are often hard to hit. After a thorough analysis, it must be provable that you have high income and a great credit score. Those are the two main qualifiers that you need to focus on. 


Ultimately, jumbo loans are a great way to get the home of your dreams. If you believe you will qualify and are looking for an expert to walk you through all the necessary steps, be sure to check out American Mortgage Resource, Inc.

When Should You Refinance?

Refinancing can seem enticing; however it is important to know when the most optimal time to refinance your mortgage is. If you’re ever wondering when the right time is, continue reading along with this month’s blog!


The only way you will be able to refinance your mortgage is if you are approved for the loan. If you aren’t approved, you will not be able to reap the benefits of refinancing. However, this is usually the last step in your process. When it comes to refinancing, you should always anticipate that you would be approved. If you know for a fact that you are going to qualify, this is the first step in deciding! Knowing that you will qualify and be approved will save you time in the long run. 


When considering the option to refinance your mortgage, you should anticipate living in your home for at least five more years. If you’re already considering a move or wondering how soon you can leave, refinancing might not be the best option for you. However, if you’re interested in investing time in your home, refinancing is perfectly acceptable!


Last but certainly not least; you should only consider refinancing your mortgage if the current interest rates are lower than your existing rate. We suggest ensuring that the interest rate is at the very least 1% lower. Otherwise, there is no true reason for refinancing your mortgage as you are already reaping as many benefits as possible. If you are still interested in eventually refinancing, continue to check with the current rates. When you finally see a drop that is satisfying, then you can jump on board with starting to refinance your mortgage. 


If you are interested in refinancing your existing mortgage, be sure to check that now is the right time. If you are confident and ready to get stared, be sure to check out American Mortgage Resource, Inc. to learn more!

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.

Saving While Renting: How to Save For a Home While Paying Rent

The idea of saving up for a home is an exciting one. You picture having your own yard that can host plenty of barbecues and your own space to make as much noise as you want without worrying about waking up the neighbors. But until this dream can become a reality, you have to save up for the down payment while paying the sky-high cost of rent. It might seem impossible to accomplish such a large savings goal while paying monthly rent, but it is possible with a few adjustments. Below we list a few ideas to help accelerate your savings!

Pay Debts and Set up A Savings Account

The more you pay down your debts before purchasing a home, the better you can free up extra funds for say, an emergency home repair. Being debt-free can also help raise your credit score, allowing you to get better rates for your mortgage. Setting up a savings account designated for your down payment is another great way to speed up your savings efforts. When you set up an automatic savings, the money is gone from your account without realizing it was even there!

Get a roommate

Splitting costs with a roommate is a great way to free up funds for a down payment. You can split bills such as gas, cable, water, and electricity along with the cost of rent. Want to save even more? If your apartment or home you are renting accommodates it, having multiple roommates will really crank up the savings by splitting the costs three or four ways!

Get a Second Job

It might sound daunting having a second job outside of your full-time position, but nowadays there are plenty of side gigs you can do that won’t inconvenience your personal life at all! If you have a particular skill, such as home repairs or graphic design, you can advertise your services on the many freelance websites available to earn extra money during your free time.

Prepare Your Own Meals

An average lunch out can cost you about $10.00 a day and eating out for dinner can be much higher! You can easily save a few extra dollars a month by limiting how often you eat out. Preparing meals at home costs less and batch cooking ahead of time will ensure food is prepared for even the busiest days. You can have leftovers for lunches the next day and packing a few healthy snack options will save you from visiting the vending machine throughout the day.

Cut Back on Cable

The cost of cable nowadays is sky high! With the added service fees, you end up paying a bundle for a service you no longer really use. With more affordable streaming services available, you can easily drop your monthly cable service and still watch your favorite shows when it is convenient for you. Not only will you lose any bulking equipment, you will lose that bulky bill as well!


Saving up for a down payment while paying rent takes time and effort, but with a few lifestyle adjustments, you will be amazed at the amount of money you can put away to buy a new home. When you are ready to purchase a home, make sure to seek out a reliable mortgage company for the best rates possible. The experts at American Mortgage Resource, Inc. are here to help you purchase the home of your dreams!

Budgeting Your Mortgage During the Holidays

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.


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.   

The Ultimate Checklist for a Mortgage Pre-Approval Letter

When you’re ready to start shopping for a home, it’s good to come prepared with a pre-approval letter. Marilyn Lewis from NerdWallet states that “unlike a pre-qualification, a preapproval letter lends weight to your bid on a home, proving to sellers that you have the financial clout to stand behind your offer.” From bank statements to W-2 forms, we’ve made a checklist of the most important documents you’ll need to have on hand. Keep reading to find out more!

Employment Records and Income

Your income can be confirmed in a couple of different ways, some of the easiest forms being a tax return or a W-2 form. The tax return copy will need to be two of your most recent federal and state returns. As for your employment records, these documents may vary depending on your source of income:

  • Salaried or hourly workers with a company: a W-2 form and recent payroll stubs can be submitted.
  • Self-employed and independent contractors: may use their 1099 forms and income tax statements. Lenders may also require a Social Security Number to verify employer’s name and address, hire date, and/or credit scores.


Another part of the pre-approval process is organizing your list of assets. These records can be anything from bank statements to investment accounts. The more assets you can verify, the better chance you have at qualifying for a higher mortgage loan. Your lender will want copies of additional documents such as:

  • Bank statements: a copy of statements for every account whose assets you’re using to pay off the mortgage with. Include blank pages of the statements.
  • Investment statements: copies of IRA statements and investment account information for 401(k)’s, stocks and bonds, etc. Include blank pages of statements.


Monthly debt will also be used to prove you’re making payments to your loans and other balances. Lenders will want to get a comprehensive list of your monthly debt payments and the following information along with them:

  • Auto Loans: Loan balance and proof of payments, even if it’s the minimal amount
  • Student Loans: Remaining balance with the loan company’s name and address
  • Mortgage: a copy of the most recent statement with loan balance, account number, lender’s name and address, and monthly payment
  • Credit Cards: Copy of payments to each card and remaining balance

Quick Tip: If you do not have a credit history, you can still show proof that you’re making monthly payments with paperwork showing utility bills or other regular payments.


Our pre-approval list features a few of the records you will need to be approved for a loan. However, further documentation may be needed to qualify. To get in touch with a professional loan officer, contact American Mortgage Resource, Inc. Our experts can walk you through the process so you know if you’re qualified for a mortgage loan. For more information, visit our website today!

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