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Mortgage Pre-Approval FAQs

There are 3 questions that we are asked more frequently than any others when doing pre-approvals for our clients.

1. How long is my pre-approval good for?
A: The answer to this question rests with the credit bureau. Whenever we do a mortgage pre-approval, we’re running a tri-merge credit report and that credit report is good for 90 days. We want to give you the pre-approval and have you backed on it probably within 60 days. This is because after 60 days, there’s a likelihood we may need to re-run your credit. To be safe, we advise 60 days or less.

2. What happens if I want to make any sort of changes or modifications to my existing letter?
A: The answer to this is based on our comfort level with your situation regarding your income and your debts. Whenever we do a pre-approval, we’re always going to aim on the conservative side. This means that we’re not going to push the amount that you can afford all the way to the limit. We do that because we understand that when people are buying a home, there are inevitably going to be some changes to their initial pre-approval. The most common change involves property taxes in the event that someone comes in without a specific property in mind. In other words, yes – we can make modifications to your pre-approval, but only if it makes sense and if it’s within the boundaries of debt and income ratios.

3. How far in advance do I need to start the process?
A: You don’t want to start too soon, and you don’t want to start too late. If you’re looking for an existing home, understand that the contract process takes somewhere between 45 and 60 days from the time of the initial offer and acceptance until the time of closing. You want to go out and look for a pre-approval a minimum of 30 days before that, but not more than 2 months. If you go further than 2 months in advance, you’re going to have to provide updated information to your mortgage loan officer which could create an inconvenience for you. The perfect time to start the pre-approval process is generally within 2 months of making the decision to buy a home, but probably more like 1 month.

Contact us for more information on obtaining your complimentary pre-approval.

Stay safe, thank you for your service, and remember: Police Mortgage is for First Responders who are second to none!

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Vivian Abraham
NMLS #2451439

I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During that time, I managed two of the Chicago Patrolmen’s Federal Credit Union branch 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 in 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.

Patrick Doah
Loan Officer
NMLS #2025761

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!

Connor Walsh
Loan Officer
NMLS #2221708

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!

Dylan Walsh
Loan Officer
NMLS #180970

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!

John Aretos
NMLS #268165

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!