By John Aretos, CEO of Police Mortgage
One of the first considerations when a first responder is looking for a new neighborhood to buy a home is the commute. I mean, in Chicago, where Police Mortgage is headquartered, that’s the biggest thorn in everyone’s side. It’s the same in practically any big city.
You need to ask, “How long is it going to take me to get the work every day?” That depends upon a number of factors. Where do you work? Is it a desk job in a police department? Are you on the beat? Are you a firefighter working 24 for on and 48 off?
However, ultimately it has to do with your family situation. Do you have kids? What does your spouse do for a living? Or are you single with no marriage plans or partner?
The nice thing is that when we talk to folks about home loans for police and other first responders, they already have a few ideas in their heads, so they talk to us about couple of different areas they are interested in.
I think what really makes a difference is the property taxes. In Chicago proper, if we have somebody who’s a suburban cop, and we have plenty of members working for police departments outside of big cities, they tend to have more choices. So, where they live is largely driven by property taxes.
In the suburbs of Chicago, property taxes can be pretty significant. Obviously, you want them to be as low as they can be, but you also want good schools, infrastructure, etc.
So, when it comes to law-enforcement home loans, we focus on financial literacy and education first. We’re skilled in discovering not just the want but the need. For instance, if we’re speaking with a young family, we pretty much already understand what the objective is.
A young couple, where one is just out of the academy, with young children they’re probably going to want a step-up home. They’re going to want something that’s affordable. We as fiduciaries need to look at property taxes as well as the interest rate for the mortgage to determine a range of affordability. We need to make them aware of the entire payment picture.
You can’t assume that the client already understands the area they’re trying to buy in. Property taxes aren’t always similar across the board even in neighboring towns. You have to really know those property taxes first.
Little things like that get missed in the whole process sometimes because buying a home is very emotional. It’s emotional for everybody. It’s emotional for me because I want to get that home for you. It’s obviously emotional for the client and if they’re married or have a loved one or partner or spouse, there can be twice the anxiety.
So, when someone comes in to Chicago Patrolmen’s Federal Credit Union North Branch to see me for the initial consultation, I’m going to look for an area that has a reasonable property tax. I’m also going to keep in mind the type of home they’re looking to buy and also for where they’re at in life in terms of their affordability level.
An old axiom that I heard way back when I started in this business is that you never want to sweat the mortgage payment. You just don’t want to sweat that mortgage payment. If you have a situation in your life where your mortgage payment is too high and you’re worrying about it every month then you should have never bought the house. I say that with respect to everyone who’s ever come to me or any of our people who have advocated that they want to buy a home no matter what.
It’s a question of affordability of payment, lifestyle, and what are you willing to cut out of your life in order to own a home. If you have to sweat that payment, then you really shouldn’t be in that home. You should be in a cheaper home. And if it’s not the right time to do it affordably, unless you absolutely have to make a move, then maybe you have to wait a bit.
It’s no secret that rates have gone up and that affordability has gone down. For some first responders, affordability may have gone down by as much as 50%. In other words, it’s cost twice as much now for a mortgage than it would have been a couple years ago.
It’s probably easier for me to talk to someone about waiting it out now than it would have been a year or two ago. At some point markets just change but today’s rates are still historically low in my history of being in the mortgage business.
So, we help first responders make an educated choice on where to live. Find a decent area. Look for reasonable property taxes. Understand the cost of your homeowner’s insurance. Look at everything together. If you’re comfortable with that payment, and you’re not going to sweat that payment, then that’s where you should buy.
Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, go to www.policemortgage.com or call 312-499-8878.
Police Mortgage for First Responders Who Are Second To None.
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I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During this time, I managed two of the Chicago Patrolmen’s Federal Credit Union locations prior to transitioning to Police Mortgage. I have family members who are police officers with the Chicago Police Department. My work has been very rewarding, and I take pride in having assisted countless members and their families with their financial needs and financial wellness. My hobbies include exploring new restaurants in the city and running for marathons that support pediatric cancer foundations and Chicago Police Memorial Foundation’s Run To Remember. I come from a large family primarily from the south side of Chicago and love to share all the diversity and beauty the city has to offer with my two children.
I am honored to grow up in a multi-generational family of Chicago Police Officers. I joined Police Mortgage in the summer of 2020 and love the opportunity to help both first-time buyers and repeat clients alike achieve their dreams of purchasing a home. Having been born and raised in the south suburbs of Chicago, I happily live in the Lakeview neighborhood today. Along with my two younger sisters, I am a graduate of the University of Illinois at Urbana-Champaign and a lifelong Chicago Bears fan. I have a strong passion for food and love exploring the vast array of restaurants throughout our city. Nothing makes me happier than spending a summer afternoon on a golf course with family and friends!
I joined my brother at Police Mortgage as a loan officer in August of 2021 after a 10-year career in sales and marketing. Most recently, I worked as a Senior Account Executive for Ricoh North America, an office electronics company, where my main responsibilities were building new client relationships and maintaining over 400 existing customer accounts. I believe my work experience has transferred over to the mortgage industry well, because I am able to multi-task effectively while working with multiple customers. The skillset I learned in my previous employment allows me to stay organized and to manage my time well for my customers. My number one goal is always to make the loan process as quick and painless as possible for our borrowers. I am excited to further develop the Police Mortgage brand with my brother. It is a unique situation, and I believe working in an office together allows us to help our borrowers even more due to streamlined communication and our ability to help each other with our respective files. I like to spend my free time relaxing, watching sports, exercising, going out to eat with my wife, and trying to keep up with our three daughters – all under five years old!
After graduating from the University of Missouri in 2015, I moved to Chicago where I began a career in marketing at a firm called Ansira. I sought a career change and contacted Police Mortgage, where I was first introduced to the mortgage industry. I have spent the last 5 years training with our CEO, John Aretos, who has taught me all of the intricacies of the mortgage process. I love finding solutions for our clients to help them purchase the home of their dreams. I feel a huge sense of accomplishment when helping homebuyers, especially first-time homebuyers, all the way through the loan process, from pre-approval to closing day. I recently moved back to my hometown of St. Louis, where we opened a new office. I am excited to help start this new chapter for Police Mortgage. My wife, Megan, and I are happy to be back in our hometown. We are always checking out new outdoor events such as music or food festivals – anywhere we can take our dog, Remy!
As the CEO of an organization associated with serving the Police and their loved ones, I am privileged to play a role in helping our clients achieve their life’s financial goals. Our mission is to make the home buying or refinancing process as comfortable as possible, providing our clients with competitive products and excellent service.
I was born and raised in the Chicago metropolitan area, and I have a deep-rooted love and appreciation for the diverse culture which makes our city so special. My two older siblings and I grew up working in our parent’s restaurant, which instilled a work ethic and sense of family that I carry with me to this day.
I am a graduate of Indiana University and have been involved in the mortgage industry for nearly 25 years, helping thousands of clients save money or finance the home of their dreams. My passions are passing down my love of food, music, art, snow skiing, and red wine to my three children, who motivate me to be a better person each and every day!
