By John Aretos, CEO of Police Mortgage
There are a number of aspects to home buying that not everyone understands when they walk into a patrolman credit union location. Condominium units are one example.
With condominiums you have what’s called the right of first refusal. This is something that’s unique to a condominium association. FHA loans cannot have that. When you’re buying a condominium unit and you’re trying to obtain an FHA loan, that’s another layer Police Mortgage has to work out through the realtor.
If the condominium association has a right of first refusal that means they can refuse to accept someone in that condominium based on certain conditions. When it comes to FHA loans, that’s a form of discrimination. So that may mean that the condominium unit you are looking at is not FHA eligible.
That’s just one example of a layer that makes our conversations with new clients so important. As fiduciaries offering home loans for police, we are only as good as the information we are able to obtain from the first responders we are privileged to work with. We have to learn the details because our loan officers need that information to provide the most accurate quote possible.
Even though pre-approval rates are subject to change, and are not rate locks, it’s imperative to us that a new client walks out of that appointment or hangs up the phone and has an accurate quote. We simulate the payment with all the bells and whistles like taxes, title, and more so our first responders have a truthful picture of what to expect.
When it comes to Police Mortgages, sometimes the monthly payment estimate we provide is higher than our first responders expect. That’s one of the things about homeownership that home buyers, especially new home buyers, need to know. You need to know the fine print. You need to be aware of the hidden costs. And you need to be prepared if the actual payment ends up being higher than what you originally thought when you first began the home-buying process. Helping our clients understand all of that is our responsibility and we take pleasure in delving into those details when it comes to police officer mortgage loans.
A good example of a hidden cost is the transfer tax. The City of Chicago has a transfer tax you must pay when you buy a property. There’s also a transfer tax when you sell a property. Let’s say for simplicity’s sake that you buy a $100,000 home. That means at closing, $750 is added to the closing costs due to the City of Chicago transfer tax. The transfer tax is one of those costs that’s missed in the initial assessment with other loan providers. We make sure our clients are aware of hidden costs like that.
We are obligated to make our clients aware of all the estimated costs and fees that are associated with the properties they are interested in buying. The genesis of that understanding comes during the initial interview. We simulate the whole process when you come to us for a pre-approval.
It can be an intimidating process, especially for new home buyers. No matter what the world says about technology and how they want to automate it, there still needs to be a person, a professional person, conveying that mortgage message. Police Mortgage enjoys that personal touch in guiding you through the process and making sure that you understand every aspect.
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.
Chicago Office:
100 W. Randolph, 9th Floor, Chicago, IL 60601.
Springfield Office:
320 W. Washington, 3rd Floor, Springfield, IL 62786. | Phone: 888.473.4858
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!
