New mortgage company offers variety

Bill Blair, branch manager at the new First National Bank Mortgage at 302 E. Fourth Street, wants people to know what makes his company different than other companies.
The office will have a ribbon-cutting ceremony next Wednesday at 10:30 a.m. First National has been open for two months.
“We are a bank, yes,” Blair said. “But we’re more than a bank. I’ve got hundreds, if not thousands of rates. We’ll shop the market for you.”
First National Bank is the largest privately-owned bank in the United States and has been in existence for more than 150 years. Blair has been a broker for 20 years. Blair said First National Bank Mortgage is the first mortgage-only business in Pittsburg.
Blair said there was a void in the town he sought to fill.
“There’s a need here. There’s not a mortgage broker here in town,” Blair said. “If people went to any of the area banks for fixed 30-year rates, they’d only get that bank’s fixed 30-year rates. We’ve got everybody’s fixed 30-year rates.”
With the recent subprime mortgage crisis, mortgages could be considered dangerous territory.
However, Blair said he is not worried about any backlash.
“People are still going to have to buy and sell homes,” Blair said. “They’ll be upgrading or downsizing homes. This area is not feeling the effect of the crisis. What’s causing that is an overvaluation of homes that aren’t worth that amount. It’s focused on the coasts, and we’re not seeing that here locally.”
In fact, Blair recommended pursuing mortgages and refinancing now rather than waiting.
“Now is the best time to come in,” Blair said. “The rates are quite low. Now is the time to refinance. If you’ve got credit cards at 20 percent interest, we could consolidate your loans at a 6 percent interest and save you money.”
Blair said First National Bank Mortgage is licensed in all 50 states.
With the collapse of the subprime mortgages, people with less than perfect credit are being directed at loans from the Federal Housing Authority. First National Bank Mortgage, Blair said, offers FHA loans.
With the opening about a week away, Blair said he’s avoided most problems so far.
“We’ve had just one snag: A lot of people don’t know we’re here yet,” Blair said.

Andrew Nash can be reached at andrew.nash@morningsun.net or by calling 231-2600 ext. 132.