Southern Maryland Mortgage Meltdown Seminar (1/22/2008)
January 14, 2008 by Admin · 4 Comments
Century 21 New Millennium in La Plata, MD will be holding a seminar on the current Mortgage Meltdown here in Southern Maryland and how it affects you!
Steve Combs, regional vice-president for First County Mortgage will be on hand to talk about what is happening in the mortgage market and will discuss some of the recent changes to the lending industry and the local real estate market.
If you are curious as to what has changed recently and how it may affect you, I strongly recommend you attend this free seminar and get the answers to your questions! Homeowners, curious buyers, builders, and Realtors are all welcome!
The seminar will be on January 22nd, 2008 at the Century 21 New Millennium office in La Plata, MD (right in front of Ledo’s Pizza) at 6:30 pm. Mark your calenders now!
~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog
Is this the Steve Combs formerly of AHM?? Hummmmm……If it is, I think I already know what he’s going to say. Let’s see if I can take a crack at it, at some point in the evening he’ll say something like, hummm let’s see, something like “it’s a good time to buy”?
Yes, one and the same. One of his loan officers is our go-to guy and 1st County Mortgage works with our office quite a bit.
The big reason he’s going to be there is because if you’re going to chat about the current mortgage crisis, it makes sense to hear what the lenders are doing directly from the source. I’m not a loan officer myself and Steve knows the market very well.
Because there have been so many changes to recent lending criteria, I’m sure he’s going to explain in far greater detail than I can exactly what the underwriters are requiring out of loans these days, and what sort of loans are and are not still being offered.
I would be surprised if he didn’t state that it’s a good time to buy, for two reasons.
1) He’s a lender, that’s his job
2) It IS the time to buy for some people. As I’ve mentioned before, there are more and more people getting squeezed out of the ability to buy because of lenders not funding full value, higher credit criteria, higher down payments, etc. His job is to explain what all this means for people who want to either consider buying/selling, or for people who just want to get some first hand knowledge about what is REALLY going on, aside from the stories you hear on the ten o’clock news.
A little information never hurt anyone, and with the way the market is, buyers should hear all sides/views of what’s happening, not just the media’s.
OK, OK. I’ll give you the first one: “He’s a lender, that’s his job”, but no further.
But for grins and giggles (I’m not going to this “Seminar”), maybe someone that does go can ask this simple, firsthand knowledge, mortgage question:
For each of the last five years, what were the percentages of these types of loans made in St. Mary’s County:
1. ARM’s
2. Interest only
3. No-Doc
4. Negative Amortized
5. Refi
6. 30 year fixed
6. Any combination of the above
Simple ECON 101. Simple, straight forward question that anyone with a stake in the mortgage business should be able to at least ballpark. Will this be answered? Of course not, at least not with a straight answer or quantitative data.
I’ll tell ya what: I’ll see if there is anyone who can answer this question, but I’m not sure I see the point it proves? I don’t know if that sort of information is tracked county by county, and even if one lender did for their company’s deals, that doesn’t mean they could give an accurate picture of the entire volume of loans for one specific county.