Dan Magstadt's Mortgage Blog

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Mortgage and Lending - Paramount Residential Mortgage Group, Inc - NMLS# 262906
Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at CrossCountry Mortgage & my personal life!
RECENT BLOG POSTS
Based on all economic indicators interest rates will HAVE to start moving upward in the relatively near future. In the recent months/years there have been several factors that have kept interest rates low: Starting on 2001 after the Sept 11 slowdown the Fed started cutting interest rates which br...
02/24/2009
18 Comments
I was motivated to write this after reading Elizabeth Weintraub's post: Shocking News About Countrywide's New Shortsale Demands - It's Below the Belt, Even for CW.  There are going to be strong feelings on both sides of this argument, so let me first put this disclaimer out there: There are most ...
01/16/2009
Rates right now are the best I've ever seen them, including the drop in the last couple weeks.  I just quoted a borrower 4.25% for a 30yr fixed loan - They were paying 1.5 points to get this rate, but that is still the best it's been in decades!! I know there's a tendency with many borrowers to s...
01/14/2009
5 Comments
Here's some great news that would get home purchase cranking in a hurry! Everybody talks about 4.5% rates & great deals on home prices, but if a borrower hasn't saved up the necessary 3.5% down payment they can't buy a house whether rates are 4.5% or 8.5%! Last October all seller funded down paym...
01/14/2009
4 Comments
I'm an eternal optimist & by no means a preacher of doom & gloom. I'm actually usually the one coaxing people out from underneath their desks & encouraging them that they can still be successful in today's real estate market. Having said that, there's no question that the economy has slowed down ...
01/12/2009
21 Comments
The following rules MUST be followed when posting to your blog:   1. Verbs HAS to agree with their subjects. 2. Prepositions are not words to end sentences with. 3. And don't start a sentence with a conjunction. 4. It is wrong to ever split an infinitive. 5. Avoid cliches like the plague. (They'r...
12/30/2008
It seems like it was just a couple days ago that I was telling everyone to enjoy their Thanksgiving & here we are at Christmas already!! This year seemed to fly by, but hopefully everyone can take a few minutes this holiday season to reflect on this great year & plan for a wonderful 2009. Yes, it...
12/24/2008
Earlier this year HUD changed its rules on the minimum amount a borrower needs to bring to closing. Previously there was a 3% contribution required & there was a loophole where the DP could be reduced to 2.25% for borrowers that were paying at least .75% of their closing costs (Thereby equaling a...
12/18/2008
I know this is driving them crazy - They scheme, have their emergency meetings, & make significant cuts, but no matter how hard they try OPEC can't control the oil market. Today they slashed 2.2 million barrels from production & what happens?? Oil drops $5 per barrel. When they made the cut OPEC ...
12/17/2008
This picture was taken on a recent trip to the Tetons…that is one of the prettiest areas in the country, bar none. Please contact Dan Magstadt w/ Meridian Financial at 386-754-8500 or dan@meridianFL.net for all your home purchase or refinance needs. Guaranteed best rates & lowest closing costs a...
12/17/2008
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Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at Meridian Financial & my personal life!
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