Mike Stitz

#MortgageMonday Lenders will look at your Debt-to-Income Ratio (DTI) to estimate the amount you're eligible to you borrow, which will allow them to determine your borrowing risk. Wondering what your debt-to-income ratio is? Check-out the graphic below to see how to estimate your DTI.

Life is constantly changing and so are your mortgage needs... If you have recently reached a milestone in your life, now is a great time to review your mortgage options. Whether you are buying your first home, looking for more space, or maybe a little less...I can help. Call for a free mortgage consultation to review all of your options today! Mike Stitz... Licensed Mortgage Consultant PA and NJ [email protected] Office: 215-357-7934 Direct: 215-833-6690 Stonebridge Home Loans 1148 Street Rd Southampton PA 18966 Company NMLS# 51417

Looking to Buy a Home This Year? Getting an Early Preapproval is Your Most Important First Step! With current market conditions it's more important than ever to have a plan in place.... Know what options are available to you, what you can afford, and how much money you'll need to buy the home you want! Call for a Free Mortgage Consultation to see what options work best for you...

While some of us will be on the hunt for peanut butter cups this weekend, some of us will be (and frankly have been) on the hunt for a new home! The first ste...p to finding that perfect home is getting pre-approved for a mortgage. Shoot us a DM or give us a call so we can get you started Our team can help you navigate the market this spring! 215-357-7934 See more

Did You Know? Making regular purchases on your credit card and repaying them on time will help you establish a good payment history. When you pay your credit card balance, your credit score will improve. A higher score means lenders are more likely to accept your credit applications. It will also help you get preferential borrowing terms. With your mortgage it can help you receive a lower interest rate and lower mortgage insurance rates. Even if you have a less than stellar credit history, we can help get you on the path to home ownership!

Be Ready Before Kickoff! You will often hear Realtors talk about Superbowl Sunday being the the kick off to the Real Estate Season. 2021 will most likely be no... different. If anything, you will need to be more prepared if you are looking to buy a home this year. Lower than normal inventory and a large pool of motivated buyers means more competition. That's why an early preapproval is more important than ever. Know what options you have and what you can afford. Make sure there are no obstacles standing between you and buying the home you of your dreams...and when you find the home you want, you'll be ready to make an offer that stands out from your competition. Call today to see what options work best for you!

Should I Wait for Mortgage Rates to Drop Even Lower? Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new ...record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home. According to Greg McBride, Chief Financial Analyst for Bankrate: As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows. While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to rise. Over the past week, for example, the average mortgage rate ticked up slightly, reaching 2.79%. This is still incredibly low compared to the trends we’ve seen over time. According to Freddie Mac: Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result. Here’s why. As mortgage rates rise, the increase impacts the overall cost of purchasing a home. The higher the rate, the higher your monthly mortgage payment, especially as home prices rise too. Sam Khater, Chief Economist at Freddie Mac, says: The forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season. What does this mean for buyers? Right now, the inventory of houses for sale is also at a historic low, making it more challenging than normal to find a home to buy in many areas. As more buyers hit the market in the typically busy spring buying season, it may become even harder to find a home in the coming months. With this in mind, Len Keifer, Deputy Chief Economist for Freddie Mac, recommends taking advantage of both low mortgage rates and the opportunity to buy: If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory. Bottom Line While today’s low mortgage rates provide great opportunities for homebuyers, we may not see them stick around forever. If you’re ready to buy a home, let’s connect so you can take advantage of what today’s market has to offer.

Thinking of Buying a Home This Year? Now is the Time... The housing market recovery coming into the new year has been nothing short of remarkable. Many experts... agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season. 1. Mortgage Rates Are Historically Low In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes: Given this means homes could cost potentially tens of thousands less over the lifetime of the loan. Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise. 2. Equity Is Growing According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear. In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season. 3. Home Prices Are Appreciating According to leading experts, home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021. Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home before prices rise even higher is a strong long-term investment. 4. There Are Not Enough Homes for Sale With today’s low inventory of homes on the market, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly. Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine. Bottom Line If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect to get you set up for homebuying success in the new year. An early preapproval is always a great idea so you don't miss out on the home your really want!

Thinking of Buying a Home? Why A Preapproval is Your Most Important First Step... 1. Many agents won't take the time to show you a home without a preapproval i...n hand. ...It may be a waste of their time and yours to look at homes if you are not a qualified borrower. You may also be setting yourself up for disappointment looking at homes you can not afford. 2. Find out exactly how much money you will need for a down payment and closing costs. ...It is important to know what you will need to bring to the table and to put a plan in place if you don't currently have the funds you need. We can discuss your options including gift money, sellers assist, and lender credits, all of which can help to get you in the home you've been looking for. 3. Find out if there is anything in your credit history that may be holding you back from qualification. ...By reviewing your credit we can see if there are any issues that need to be addressed. I can also review your credit to see if there are steps you can take to improve your credit score. An improved credit score can mean a lower interest rate and lower MI. Both can save you $$ on your monthly payment. 4. Learn about the different programs that may be available to you and see which options work best. ...No borrower is the same, which is why different lending options work better for different buyers. I can help to educate you on a number of loan options and we can choose the one that best suits your individual needs. 5. In a competitive market you don't want to miss out on the home of your dreams. ...With lower inventory on homes, houses are selling fast! Be ready with a preapproval in hand and the knowledge of what you can afford. By getting preapproved early you will know that there is nothing holding you back from buying the home you really want! Call for a free consultation and make home ownership your reality! Stonebridge Home Loans 1148 Street Road Southampton PA 18966 215-357-7934 NMLS #51417