The Homebuyer's Guide

with AMC Mortgage

Buying a home is an exciting milestone, but it can feel overwhelming if you don’t know where to start. Whether you're just exploring your options or ready to take the next step, AMC Mortgage is here to walk you through the process with expertise, care, and a local touch.

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Why Choose AMC Mortgage?

Why Choose a Local Lender?

 

Personalized Service - Quicker responses and a tailored experience.

Local Market Knowledge - Insights on property values an trends.

Faster Processing - In-house approvals reduce delays.

Community Connections - Strong ties with local agents and builders.

Reputation & Trust - Local referrals and personalized care.

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How to Get Started

Starting the home-buying process can seem overwhelming, but breaking it down into steps
makes it much more manageable. Here's a simple summary of how to begin:

 

 

1) Assess Your Finances

Check your credit score.

Review your savings for a down payment and closing costs.

Calculate your debt-to-income ratio to see how much you can afford.

2) Get Pre-Approved

Choose a lender and get pre-approved. This will help you understand your budget and show sellers you’re a serious buyer.

Factor in closing costs, taxes, insurance, and ongoing home maintenance.

3) Choose an Agent

Work with an experienced agent who can guide you through the process, help you find the right home, and negotiate on your behalf.

4) Start House Hunting

Define your must-haves and priorities (location, size, etc.).

Tour homes and make notes on what you like and dislike.

5) Make an Offer

Connect with your lender to confirm your pre-approval numbers for your dream home. This ensures you know your budget and strengthens your position as a serious buyer. Work closely with your realtor to finalize the offer and move forward with confidence.

Get the Right Mortgage

What Should You Consider When Choosing Loan Program Types For a Mortgage?

  • Conventional loans generally require a higher credit score.
  • FHA loans are more forgiving.
  • VA loans and USDA loans might offer more flexibility for those who qualify, especially with no down payment or lower credit score thresholds.
  • Conventional loans typically require a 20% down payment, but you can get away with as little as 3-5% in some cases.
  • FHA loans allow as little as 3.5% down.
  • VA loans and USDA loans may offer 0% down payment options if you qualify. Consider how much money you have saved and what you’re comfortable paying upfront.
  • 15-year loan: Typically comes with a lower interest rate and higher monthly payments, but you’ll pay off the home faster.
  • 30-year loan: Has a lower monthly payment but you’ll pay more in interest over the long run. Evaluate how much you can afford for monthly payments and how soon you want to pay off your mortgage.
  • Fixed-rate loans have an interest rate that stays the same for the life of the loan, providing predictability and stability.
  • Adjustable-rate mortgages (ARMs) have interest rates that can change periodically based on market conditions, which can be riskier but often start with lower rates. Think about whether you prefer stability or can tolerate fluctuations in interest rates.
  • FHA loans require mortgage insurance (PMI), which adds to your monthly
    payment.
  • VA loans typically don’t require mortgage insurance but may have a funding fee.
    Conventional loans may offer lower fees but require a higher down payment to
    avoid PMI.
  • Compare the overall cost of each loan option to see what fits your
    budget.
  • Work with your AMC Mortgage professional to determine your best fit and options!

  • FHA loans are great for first-time buyers or those with less-than-perfect credit.

  • VA loans are reserved for veterans, active-duty military, and their families.

  • USDA loans are for homes in rural areas and may offer 0% down payment. Look into any programs you may qualify for to save money or receive more favorable terms.

  • If you plan to stay in the home for a long time, a fixed-rate loan might be ideal to lock in a stable payment.
  • If you anticipate moving or refinancing in the near future, an ARM might make sense for lower initial payments. Consider how long you plan to stay in the home and how this will affect your mortgage choices.
  • Some loans require private mortgage insurance (PMI) or mortgage insurance premiums (MIP) if your down payment is below 20%. FHA loans typically have MIP, whereas VA loans do not require mortgage insurance at all. Weigh the cost of mortgage insurance into your monthly payments when considering your options.
  • Some loan programs have limits on how much you can borrow. For instance, conventional loans have conforming loan limits that depend on the area you’re buying in. If you're looking at more expensive homes, you might need a jumbo loan, which often comes with stricter requirements.

Ready to Take the Next Step?

Buying a home is a big decision, but you don’t have to navigate it alone. The experts at AMC Mortgage are here

to guide you every step of the way, ensuring a smooth and stress-free experience.

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