Mike Stitz - NMLS# 1716914

02/07/2022

Good news for self-employed borrowers!

Updated guidelines now reduce documents needed for self-employed individuals. Call today to get started on your purchase or refinance: (215) 357-7934.

01/03/2022

What things will lenders look at when determining if you qualify for a loan?

Call today to see what you qualify for: (215) 357-7934

12/20/2021

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.

12/08/2021

1. Have a second-meeting-only policy. Meet clients in the office or another public location before a private showing. This gives you (and other colleagues) the opportunity to vet them. You should also ask for a form of identification so you can confirm who they are.

2. Make sure someone always knows your location. Before leaving for a showing, provide a someone you know with the address of the property you are visiting, along with the name and personal information of the client you're meeting. Utilize location finding devices such as “Find my iPhone” so someone can easily track the location of your phone if necessary

3. Be mindful of what you wear. While you always want to put your best foot forward with a client, you also don't want to appear attractive to criminals by wearing expensive jewelry or watches. It's best to leave the Rolex at home.

4. Program emergency numbers as "favorites". While you might have familiar numbers memorized, such as those to your office, emergency contact or colleague, program them into your phones as a “favorite” so they can be easily accessed in an emergency situation.

5. Let the client take the lead. It's safer to follow the client, so you always have them in your full view. Avoid going into the basement of a property and always be mindful of exit locations.

6. Keep control of keys to the property at all times. Be sure to know exactly where property keys are located all times. Leaving keys outside of the home in locations such as under the doormat, above the door or behind a bush can expose you to the possibility of someone copying the key without your knowledge. Use a secure, electronic lock box system so you can better control keys and access to a property.

7. Follow your instincts. Most agents who have been victims of crime said they felt something was off but didn't do anything. If something feels out of place, don't hesitate to stop a showing or open house and leave immediately.

11/23/2021

Have you heard of our Community Hero Program?...

It's available for Educators, Law Enforcement, Fire Fighters , Active Military, Veterans, EMS, Medical Professionals, and Government Employees

Under this program there are no application, commitment, processing or underwriting fees!

Whether you are looking to buy a new home or refinance your existing mortgage, give us a call to see if you are eligible!

Stonebridge Home Loans
1148 Street Rd
Southampton PA 18966

215-357-7934

11/11/2021

11/08/2021

From figuring out how much home you can afford, to getting the keys—were here to help with each step along the way, so you can focus on what’s important. Whatever your reasons for buying a house, there are quite a few steps from where you are now to the moment you can kick back and enjoy it. Here is our best advice for first-time home buyers:

1. SAVE YOUR CASH. If you haven’t already, start saving and establish a price range. You’re going to need cash for your down-payment, and if you end up paying closing costs.

2. STAY AT YOUR JOB. Although job changes can provide better pay or a chance for advancement, it could delay your quest for home ownership. It is important to have a secure and reliable income before purchasing a mortgage.

3. KNOW YOUR CREDIT. Address any credit issues early on, so you can raise your score before you apply for a mortgage. Typically, the higher your score, the lower the interest rates you’ll qualify for. Even a half-point in interest can make a HUGE difference in your monthly mortgage payment.

4. AVOID DEBT. Don’t make any big purchases before you buy a home. Also, try to pay off as much of your current debt as possible before you apply for a mortgage. Your debt to income ratio is a factor that lenders look at when reviewing your mortgage application.

5. GET PREAPPROVED. Before you even look at houses you will want to find out exactly how much you can afford. Many agents won’t take the time to show you a home without a preapproval in hand. It may be a waste of their time and yours to look at homes you are not qualified for.

Call for a free consultation or submit an application online: (215) 357–7934 |sbfmortgage.com

11/05/2021

If You Have Been Thinking About Refinancing, Now is the Time!

The Fed holds rates near zero yet some borrowing costs are already on the rise...

The Federal Reserve on Wednesday said it would keep its overnight lending rate near zero for now.

As the central bank starts to taper its emergency stimulus efforts, consumers will see interest rates begin to rise.
Mortgage rates are already higher.

Though the Federal Reserve didn't raise its benchmark rate Wednesday, the days of low rates are clearly numbered.

Reports of hotter-than-anticipated inflation have paved the way for the central bank to unwind last year's bond buying. While the Fed said that interest rates will stay near zero for now, the tapering of bond purchases is seen as the first step on the way to interest-rate hikes.

That will inevitably impact the rates consumers pay.

In fact, rates are already rising for long-term borrowing costs, said Yiming Ma, an assistant finance professor at Columbia University Business School. "Likely that's going to continue as the implementation starts actually happening."

The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that's not the rate that consumers pay, the Fed's moves still affect the borrowing and saving rates they see every day.

Since the start of the pandemic, the Fed's historically low borrowing rates have made it easier to access cheaper loans and less desirable to hoard cash.

Once the central bank starts to reel in its easy money policies, consumers may need to work a little harder to protect their buying power.

Here's a breakdown of how it works.

Borrowing rates will rise
For starters, when the Fed starts to slow the pace of bond purchases, long-term fixed mortgage rates will edge higher, since they are influenced by the economy and inflation.

The average 30-year fixed-rate home mortgage has already risen to 3.24%, according to Bankrate.

"If they haven't already, now could still be a good time for some borrowers to consider refinancing," said Jacob Channel, senior economic analyst at LendingTree. "Even though rates are rising, they're still relatively low from a historical perspective.

"Nonetheless, the window for refinancers to get a sub-3% rate is rapidly closing." -Jessica Dickler MSNBC

If you have questions or what to review all of your options, give me a call!

Stonebridge Home Loans
1148 Street Road
Southampton PA 18966
NMLS # 51417

11/02/2021

Mortgage Terms Defined...What are Points?

Discount points, also called mortgage points or simply points, are a form of pre-paid interest available in the United States when arranging a mortgage. One point equals one percent of the loan amount. By charging a borrower points, a lender effectively increases the yield on the loan above the amount of the stated interest rate. Borrowers can offer to pay a lender points as a method to reduce the interest rate on the loan, thus obtaining a lower monthly payment in exchange for this up-front payment.
If you have questions about this or anything else, I am always happy to help!

Mike Stitz
Licensed Mortgage Consultant
[email protected]
215-833-6690

Stonebridge Home Loans
1148 Street Road
Southampton PA 18966
NMLS # 51417

10/29/2021

1. There’s less competition. Fewer buyers should be competing as the year comes to an end. Many families opt to purchase a new home before school is back in session. These families have exited the market. With less competition, you are likely to have more flexibility and more options.
2. Take advantage of tax breaks. A home is an investment, which means taxes will come into play. Some sellers may want to take advantage of the tax year ending, and so can you. Property tax and mortgage interest are both deductions that can make a serious difference in the amount you might owe.
3. The holidays are approaching. The burden of selling a house during the hustle and bustle of the holidays is not easy. This leaves buyers with less pressure from sellers, and more room to negotiate.
4. The weather is changing. When buying a home, it’s helpful to see how it manages during the colder months. Fall is a great time to see the genuine upkeep of a house.

Give us a call with any questions you have! (215) 357-7934

10/11/2021

Fall Home Maintenance Checklist

While hanging decorations and lighting your pumpkin spice candles is nice, there are some other more important preparations for fall that come with being a homeowner. Consider this everything you need to know before your house transitions from summer to fall.

1. Clean, or possibly replace, your gutters
Your gutters drain thousands of gallons of water from your roof yearly – they could use a little TLC. If necessary, replace them (Amazon Home services will do it for $116)

2. Check for drafts
Want to keep costs down during the cooler seasons? Weatherstripping windows can be one of the most effective ways to reduce heat loss.

3. Drain your outdoor faucets
Avoid any pipes bursting! Be sure to drain and disconnect all hoses from outside spigots to prevent any water freezing.

4. Bring your outdoor furniture in
It’s time to store outdoor furniture in a garage or shed. If you don’t have anywhere to store your outdoor items, invest in waterproof furniture covers.

5. Fix any cracks in your driveway
It’s a good idea to fix the smaller cracks before they get even bigger during the cold months. When water gets into cracks it freezes, expands, and can make the crack larger. Use some concrete crack sealer, fill it up and be done with it.

6. Change your filters
These filters should be changed monthly, not just before fall. Doing them before fall can ensure your heating bills won’t increase due to clogged filters.

7. Fertilize your lawn
Cool-season lawns should be fertilized in fall when temperatures are cooling off, but the grass is still growing. Fertilizing in fall will help grass plants keep their green color into the winter.

8. Change your batteries
Once a year you should be checking all smoke detectors and carbon monoxide devices are working. It’s a good time of year to check these off your list.

09/27/2021

Deciding whether to buy or rent can be a HUGE decision. Weigh the pros and cons of each choice, then decide what is best for YOU!

Not sure what step you want to take? Call in today to weigh your options: (215) 357- 7934