Local Spotlight: First Home Mortgage
Nathan Hartseil returns! Erik and Randal welcomed back Focus Real Estate's preferred lender, Nathan of First Home Mortgage and asked him how he thinks the market will be in 2019.
Randal: Welcome back to Stay Focused, Focus Real Estate's weekly video series. We're here today with Nathan Hartseil of First Home Mortgage, to chat a little bit about some of the trends in the marketplace and some of the things that you do for your clients. We have a really great track record. Nathan is our preferred lender in the office and preferred lender because he does such an amazing job working with our home buyers. Welcome Nathan.
Erik: And we're here in your offices today. What's your address here?
Nathan: 318 Harvard Street.
Randal: In Brookline.
Erik: In Brookline.
Erik: In the Arcade building.
Nathan: Yes. With the great Ramen.
Erik: Thank you for having us here in your office.
Nathan: Because of lunch or because of the interview?
Randal: Anyway, just wanted to chat with you a little bit about some of the things you're doing, and also what's happening in the market. There's always a little bit of change in the market. Here we are at the beginning of 2019, what are some of things you're seeing changing and happening in 2019?
Nathan: Absolutely. Not just in the mortgage industry, but real estate industry, as a whole, 2019 will be a pivotal point. I think the market's flattened out. I think changes that are going to happen in 2019 will set the path for where we go in the future.
Erik: What are the changes you'll see in 2019? For us here in Boston-Brookline area?
Nathan: Sure. Rate increases is a big thing, and that sparks affordability of a home. With rate increases, the common borrower affords a little bit less or qualifies for a little bit less. Especially with the ever increasing home price, especially in the Boston area. With that came a little bit of breath of fresh air, because as expected we raised the limits on loan amounts for the year of 2019.
Video: Oh yeah.
Randal: What are the conforming loan limits?
Erik: This is Fannie Mae, Freddie Mac?
Nathan: Fannie Mae, Freddie Mac, and FHA follow suit, as well as most of your government agencies and state and local agencies, as well.
Erik: They set the pace for what limits our-
Nathan: Loan limit.
Erik: Standards. The standards, right?
Nathan: Correct. Not so much your purchase price, but your loan limit, in general, of what we will lend on a particular property. Conforming limits, including jumbo, were at about $603,000 and some change, now they're up over $688,000, I believe.
Erik: For single family?
Nathan: Single family. Or condo.
Randal: Or condo. Great. That's conforming jumbo?
Randal: One of the things we really like about working with you is your flexibility, and actually some fun things. You've actually taken on so many challenges in the past. Nathan's worked really hard to discover different loan packages and different things that are available to buyers that might not normally qualify, or when the properties are a little more specific to lending practices and-
Erik: And other mortgage brokers or banks may not even think to look in those directions, and for those options.
Randal: Do you have to have 20% down to buy a house?
Nathan: You do not, actually. We offer many programs now, with no down payment, 3% down payment, 5% down payment. No mortgage insurance products. Products that allow us, on your debt to income, to reduce student loan debt, or monthly payments that they're in deferment. Or if they're on income based repayment plans, because the realism is, moving forward is predicted at 45 to 50% of our borrowers, in 2019, that apply for loans, are going to be millennials. What's bringing these millennials here is the strong job market. We need to find ways to adapt to them, to be able to purchase in this market. That's why we offer some of these great first time home buyer programs.
Erik: Certainly, you're our preferred mortgage broker and lender, and we direct many of our clients to talk to you and get estimates, see how you can help them out. To our viewers out there, where can they find you?
Nathan: Through my website is a great way to find me.
Erik: Your website is?
Erik: Great. And your email address if they want to email you directly?
Nathan: Nhartseil, which is N-H-A-R-T-S-E-I-L, @firsthome.com.
Erik: Thanks for having us here in your office.
Nathan: Thanks for having me.
Erik: Yeah, look forward to a great rest of 2019.
Nathan: Let's change it together.
Erik: All right.
Randal: Thanks for watching everybody. Don't forget to like us on Facebook.
Erik: And subscribe to our YouTube channel.
Randal: Until next time.
Erik: Stay Tuned, and Stay Focused.
Randal: Stay Focused.