From media to mortgages

“I’m thrilled to have him here,” Lydic said. “We’ve shared the same interests, and good conversation.” Through his work in television, radio and print media, including nearly two years at WGMD with Lydic, Nelson has acquired a substantial number of connections with the community, especially in Rehoboth and Lewes.

“For me, there were a lot of issues [to segue into the mortgage business],” said Nelson. “One, I like Walter Lydic. He has a reputable company and he’s an honest man, and I think that was very attractive to me. I’m very familiar with this area, living in Murray Estates, and when I originally moved here from D.C., I was getting into real estate.”

With his foot in the media door, Nelson was able to establish relationships and associations throughout the area. Although he was setting out to pursue a new professional avenue, his know-how and method of thinking were on track every step of the way.

“I understand the market. I understand Delaware politics. I understand how the system works,” he added. “There are so many unique opportunities here. It’s a new industry for me and lets me take on a new challenge. I like challenges.”

Nelson was welcomed aboard during one of the roughest times the industry has ever seen, though Lydic has not wavered or been intimidated.

“We’re a small, flexible mortgage company,” he said, “and we have solid lenders. We have a good product mix and some of the strongest lenders in the nation. About 128 lenders have gone out of business since Christmas, but we’ll be one of the ones still standing.”

The company’s versatility and relatively small structure allows for promising potential, they said.

“There are two ways to look at it,” added Nelson. “You could look at it like it’s a tough time, but with so many people leaving the industry, it’s a time to capitalize on that vacancy. It’s a very interesting field, and I thing I can do well in it.”

The potential for developmental growth is amazingly high in the area, and that serves beneficial for Kaylor Kent, as well.

“We never really got into the exotic loans, or option ARMs (adjustable rate mortgages),” said Lydic. “We didn’t do the sub-prime very much. I’ve tried to be critical of the buyers and borrowers.”

Lydic works with some adjustable rates, but also with fixed rates, in 30-, 20-, 15, and 10-year loans. “We work with conventional method of financing,” he added, even working through the Department of Agriculture, a prevalent sector within the area. “People who are shopping in this area have built up credit. We’ve worked with those who are in the 600 Alt A range and up. There have been tremendous changes in the standards from six to seven years ago.”

Being established in the area for 15 years has provided Lydic with the opportunity to bypass plans that he said could potentially lead to a financial debacle. With a Certified Mortgage Planning Specialist designation from the CMPS Institute, Certified Mortgage Consultant from the National Association of Mortgage Brokers and an education from MBA’s School of Mortgage Banking, his credentials practically speak for themselves.

With seniority in the local area, Lydic has been able to secure clientele for the last decade and a half. “Customers feel comfortable coming back,” he said. “They have someone to talk to, face-to-face. You don’t get that applying for mortgages over the Internet.”

“Trust is a factor, too,” added Nelson. “When you look at all of these companies that have folded, and you can’t really be sure they’re going to be there, it’s a debacle.”

The southeastern region of Sussex County accommodates a wide range of homes, especially high-end and second-home buyers, and the pair are very aware of that.

“The market’s priced itself out for first-home buyers,” Lydic said. “What people need to be concerned with is not what the rates are, but the availability of jumbo loans and knowing where they are going.” When it comes to affordable housing, he noted, it is a bigger issue, encompassing paying jobs and transportation.

As for advice for those looking in the area, the real estate slump could prove to be one of the better times to buy, they said.

“If you can buy, and don’t need to sell, that’s the best thing you could do,” Lydic said. “You want to be able to buy low, and if the opportunity comes along, this is the best time to do it.” Renting is also ideal at this point, too, he noted. “There are plenty of wonderful buyers’ opportunities out there.”

For more information, contact Lydic or Nelson at Kaylor Kent Mortgage Associates at (302) 539-9120, or stop by their office on the corner of Central and Atlantic avenues.