By John Aretos, CEO of Police Mortgage
It’s important to know if there are any pre-approval costs or fees when you visit any bank or loan office. For instance, when you visit a financial institution, like a patrolman credit union, for a loan the loan officer will likely pull what is called a tri-merge credit report. That is a three-credit-bureau report. Those three credit bureaus are TransUnion, Experian, and Equifax. Five years ago, those reports were $25 to $40. Now they’re anywhere from $60 to $100.
The cost of running a client’s credit has practically doubled in the last few years. Each year these credit companies tend to raise their fees. At Police Mortgage we don’t charge for a credit pull when providing a pre-approval.
In fact, we don’t charge any fees for a pre-approval on a home loan for police. It’s complimentary. It’s part of the service that we offer.
Some lenders are beginning to charge people for that credit check component. They will actually ask for $60 from you to run the credit report. We’re not going to do that. It’s complimentary. That’s a value of anywhere from $50 to over $100 by coming to Police Mortgage for a pre-approval.
If the loan closes, we will charge you for the exact dollar amount of the credit report, but only after you’ve found your home, you’ve qualified, you’ve been approved, and you’re ready to close. We’re here for our first responders and not to charge up-front fees.
We feel that the pre-approval is our opportunity to really get to know our client and understand their situation. We’re not going to lock your rate. We’re not going to charge you fees right off the bat. We’re going to get you pre-approved, but we also will put together a plan for you.
We’ll go over all of the costs without any pressure. That’s very important, the no pressure thing. It’s always a conversation and not a sales pitch on mortgages for police. We’ll recommend what we believe would be the best route for you to take based on the information that you’ve given us.
We want to make sure you always understand the police home loan before you actually have a contract and there’s a closing date. When you come in for a pre-approval, we will make sure you walk out understanding home loans for police officers.
Aside from not charging for the credit report there’s also no application fee. We won’t charge you to start the process, but unfortunately some loan companies will.
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!
