Dan Magstadt's Mortgage Blog

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!
I've had TONS of borrowers reference 4.5% interest rates recently - Rates that low aren't available right now!! Everyone's acting disappointed when I quote 5.5%-5.75% for a 30yr fixed. There has been a lot of talk about the fed subsidizing rates (I even posted about it in my blog, http://activera...
  As of January 1, 2009 mortgage brokers will no longer be allowed to order their own appraisals on conventional loans. Earlier this year the New York Attorney General’s Office started looking into the “mortgage meltdown”. One of their determinations was that a mortgage broker ordering their own ...
A blonde is watching the news with her husband when the newscaster says “Two Brazilian men die in a skydiving accident.” The blonde starts crying to her husband, sobbing, “That's horrible!!! So many men dying that way!” Confused, he says, “Yes dear, it is sad, but they were skydiving, and there i...
The Federal Reserve is continuing to look for ways to get the housing market back on it's feet & with the target rate already very low, Fed officials are mulling new ways to get the economy going. One discussion is to reduce mortgage rates. Because they have a stake in Fannie Mae & Freddie Mac t...
I've been looking at my blogging statistics (The link is at the lower left-hand side of your home page) and have discovered some very interesting facts.   Previously I would have thought that the posts that received the greatest number of comments would have been the ones that were viewed/clicke...
The basic definition of deflation is when prices go down instead of up. That sounds great, right?? Actually it is a very dangerous problem. When there's inflation, people scramble to buy things now, right now. The mentality is that prices will go up forever so buying something has to be cheaper ...
Last week the Federal Reserve and Treasury took more action to help the frozen credit markets. The Fed decided to make direct purchases of $100 billion of Fannie Mae & Freddie Mac loans, and plans to buy another $500 billion of mortgage backed securities. The fact that they will now buy mortgage-...
Don't let anyone tell you the market is too bad to be a successful part of the real estate business, realtor, mortgage broker, or anyone affiliated with the industry. I got in this morning after the extended weekend (definitely not all play) & had four new loans to work on, and I just finished go...
I'm sure everyone is gearing up for a nice extended weekend. Enjoy your time with family & friends!! Even though most in our industry have seen a drastic slowdown from where we were this time last year, we have lots to be thankful for. Count your blessings, eat a lot of turkey, & get ready to fin...
  I'm sure many realtors and buyers alike that have walked into a home that has many attractions: Nice neighborhood, lots of acreage, good layout, etc, but the condition is less than desirable & needs lots of work before it's in liveable condition. In the past you'd usually turn around & say "Nex...


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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!