By John Aretos, CEO of Police Mortgage
As you wait for rates to fall the competition will likely heat up. So, I say, go see a professional who is knowledgeable about police home loans and get pre-approved now to beat the rush.
When you see the headlines stating that the Fed cuts rates, the competition will already be there. The race will have already started.
Theoretically it’s great to wait as long as you can and try to pick the bottom for rates but there’s a saying that bottom pickers usually wind up with dirty fingers. Unless you’re some type of real genius who has a crystal ball you’re probably not going to know where the actual bottom is.
Our advice at Police Mortgage is to get ahead of the rate cuts and get a pre-approval. We’re going to prepare you for success. First responders, police in particular, should work with somebody that’s familiar with their livelihood. We, like all professionals that work for a patrolman credit union, understand their schedule and the demands of the job.
We love doing complimentary pre-approvals. A pre-approval doesn’t commit anyone to buying a house. It does, however, give our clients a clear idea of their monthly payment based upon today’s interest rates. That is important because it’s not just your interest rate, it’s how much it is going to cost you to be in a particular house.
When you get a pre-approval, you make sure you know what the numbers are. You understand where your cushion is. This is particularly true if you are looking for a property that might be higher priced or if you’re looking in an area that has higher property taxes or higher homeowner’s insurance costs.
In a lower rate environment more people qualify for a home purchase. That increases the competition. Since the majority of our customers are first-time home buyers we want our clients to learn about the process. That starts with the pre-approval. If a first-time home buyer wants to wait for a lower rate environment we are definitely going to ask why.
Rates definitely have a negative impact on monthly payments the higher they are. But the real question is, where are you at in your life? Or, where are you at in your career? We want to know what our clients see ahead of them in order to make a decision.
As a mortgage professional, I may tell somebody to wait. I may tell the next person not to wait because there’s a different set of circumstances. I think if you don’t have a home to sell and you’re a first-time home buyer you probably don’t need to wait because you want to get into a home. You want to establish some equity in that home by paying down the mortgage over time.
Interest rates eventually will start getting back to a normal range. When they do, you can refinance the property.
If you feel good about the monthly payment, if you feel comfortable, then the rate is somewhat irrelevant. I say that respectfully because I understand that every eighth of a percent on an interest rate makes a huge difference, but it also can’t be the reason why you don’t do something.
If you wait for rates to fall you may miss out on buying the property you want. But if have you have all the information in hand before you are ready to start making offers there will be fewer surprises when you want to buy a home regardless of where rates are.
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!
