By John Aretos, CEO of Police Mortgage
When someone is buying a home they generally don’t want to have to go through that process multiple times. Thus, the common phrase “marry the house”. Buyers often buy a house with the intention of living there long term, or at least for an intermediate term.
As you get older, you really don’t want to move. Personally, I’ve done it three times and I’m probably going to move one last time to downsize at some point. As a mortgage professional, I know the process itself involves a lot of work and the stress involved in it is real. That’s why when someone comes to us for a police home loan, we strive to take as much work and stress out of the process as possible.
From a practical standpoint, I think when you find the home of your dreams you’re likely to stay there long term, maybe even for the rest of your life. That’s when the other part of the common phrase comes in: “date the rate”.
As far as interest rates are concerned, rates always change. When you “marry your home” you will probably want to shorten the loan term at some point. In some cases that is putting more toward your minimum monthly payment on a regular basis if you have a 30-year fixed mortgage. In other cases that may be to refinance to a 15-year fixed mortgage when household income is higher and rates are lower.
I think what’s going to happen later in 2025 is that rates will come down. We still might be in for some short-term pain this year. The question becomes how can Police Mortgage get you into that dream home when it’s available without you having to sweat the monthly payment. That’s a situation where we may need to “date the rate” with a look at what we can do later when rates fall.
Our parent company, National Police FCU, has been advocating for thrift and wise money management for over 80 years. So, we work with clients to take a 30-year mortgage situation and possibly take six or seven years off of that. If you can bring that mortgage down to a 15 year the interest that you would save in that scenario would be significant.
I’ve been in the mortgage business since the early 90’s. Back then a short mortgage term was really the big way to go. You need to give clients a mortgage payment that they can afford but also suggest the best long-term scenario for them.
Today we have a whole new generation of home buyers who have seen super low rates for 30-year mortgages. That ship has sailed after a two to three-year period of higher interest rates.
Despite the market, family needs change and some people need to decide if they can continue to just rent a place. Some people just have to buy. They have an expanding family and they need to move regardless of where rates are.
So, you “date the rate” because you know that at some point you’re going to have an opportunity to bring your payment down by refinancing that mortgage. That’s why it’s important to diligently make that monthly payment, not take any of the equity out of the property, and possibly even put a little extra money towards the principal.
Let’s say you’re at the point where you’ve paid a little bit into the principal and rates drop. Now you can look at a shorter-term loan. When you “marry the home and date the rate” with a wise-money-management approach you can create some flexibility for yourself in the future.
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.
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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 National Police 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!
