American Mortgage Resource, Inc.

Providing the Best Financial Resources for Boston and Massachusetts

Tag: jumbo loan

What Services Can You Expect From a Mortgage Broker?

If you’re about to buy a new home for the first time, refinance a mortgage, or even cash out your home equity, there’s a good chance you will need the help and services of an expert mortgage broker who can scour the market for you and look for the perfect deal that suits your requirements and your budget. We’re going to talk about the main services of mortgage brokers and the advantages of getting their assistance in your home buying process, so follow along in our blog.

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What Does a Mortgage Broker Represent?

To begin with, we all know that in the world of home loans, dealing with banks can be uncompromising for many people. Especially those who don’t have experience in such dealings. Here comes the critical role of a mortgage broker. A mortgage broker will handle all the exhaustive tasks of the mortgage process, from connecting borrowers with lenders to finding the best deals and the most suitable mortgage for the borrower’s financial situation. Also, their role becomes more important and useful in some complex mortgage dealings such as jumbo loans and refinancing loans. Which leads us to the next point.

Refinance Your Dreams!

If you have your sights set on a home that costs more than you can afford and you don’t have that much sitting in your bank account, no need to fret – a jumbo loan is here to help! You’ve heard it right. With a jumbo mortgage, you can borrow the amount you want even if that amount exceeds the limits set by the Federal Housing Finance Agency (FHFA). On the other hand, if you love your home and you just want to change the rate type or the loan term in order to lower your monthly payment, a refinancing loan is the best option for you. 

Learn more about how jumbo loans can benefit you here.


These mortgage processes can be tricky and risky if you do it by yourself. They require skills and deep knowledge in the business. That’s why our team is here to support you. American Mortgage Resource, Inc. has the most qualified and trusted team of mortgage brokers in the entire Massachusetts state. For more information, reach us at (617) 972-8588 and we will update you about all the necessary steps for the mortgage process.

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.

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.