The Near Future for Rates
Rates seem to be starting a new paradigm in that we’re now in a period where rates are likely going to start declining. Anyone who was looking to buy a home and had problems with qualifying is now going to find that it might be a little bit easier to qualify. Those folks should definitely keep an eye on rates and start inquiring sooner rather than later, whether that be with a patrolman credit union or another trusted financial institution.
10/01/2024
Lower Mortgage Rates
Well, the Fed did cut rates this past week by 50 basis points, and I think for some it surprised them because the Fed was supposed to maybe cut just a quarter point. I was of the opinion that it was going to be a half point, primarily because the Fed was targeting employment and not the rate of inflation.
09/24/2024
The Final Walkthrough
There are two components to the final walkthrough. The first part is to address what was found in the inspection. The attorneys likely communicated a week before and agreed that the required work was done to the property, but you want to make sure that it was taken care of to your liking prior to the closing.
04/02/2024
Pre-Approval Costs
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.
03/26/2024
Waiting for Rates to Fall
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.
03/19/2024
Home Inspection FailuresThe phrase “failing a home inspection” is loosely defined. I think there are degrees of failure.
A failure is basically something found in the inspection that is such a big issue that an appraisal would find it and then the lender, such as National Police Federal Credit Union, wouldn’t take the loan. That is a clear definition of a home inspection failure.
2/27/2024
Home Inspections
A home inspection is critical for the whole process, whether it be for a police home loan or the purchase of practically any property. Home inspections matter regardless of how you plan to buy.
02/20/2024
Mortgages and Your Credit Score
The Chicago Patrolman Credit Union philosophy has long since focused on encouraging wise money management and that, of course, includes the understanding of credit scores. I think if you’re buying a home just to make your credit better that that’s the wrong reason.
02/06/2024
Condominiums, Right of First Refusal, Transfer Taxes, and More
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.
01/30/2024
Insurance Considerations
There are several types of insurance to consider when buying a home. The first that we commonly talk about is homeowners' insurance.
01/16/2024
VA Loans
As far as deals are concerned, if we’re looking for the best deal possible it is almost always going to be a VA loan if you are eligible. One of the reasons is the qualification process. It’s a little different than the traditional guidelines for a conventional loan.
11/07/2023
Where First Responders Should Buy
One of the first considerations when a first responder is looking for a new neighborhood to buy a home is the commute. I mean, in Chicago, where Police Mortgage is headquartered, that’s the biggest thorn in everyone’s side. It’s the same in practically any big city.
10/31/2023
Talk to the Loan Officer First
The most important tip I can give anyone is to always get a hold of your loan officer before you go under contract. It sounds obvious, but it’s not obvious, right? Sometimes people do that, but I see so many people looking for a police home loan that don’t.
10/17/2023
HOA Considerations
When a buyer is trying to get pre-approved for a condo unit we usually ask where they’re looking. Condominiums will typically have a homeowners’ association (HOA). This is because we have to factor in the HOA payment to the calculation.
05/25/26
Buying a Home as a Savings Plan
Can buying a home be a savings plan? Absolutely, it depends on the person. Are they disciplined enough? Savers need to have the money ready for the down payment.
05/24/26
A Safe Place for Law Enforcement
I have family members that are police officers. I have close friends that are first responders. These professions and the well-being of those that do these jobs are very close to me.
05/23/26
Possible Rate-Saving Options in 2024
For Police Mortgage, it’s more about trying to create strategies for people to find a way to get them into a home at lower interest rates, which equals cheaper payments.
03/05/2024
School Districts and Property Values
Better school districts usually equate to higher property taxes. Sometimes this can be used as a marketing aspect when selling a property in a certain area, i.e. people are moving there to raise their kids because of the great school system.
05/22/26
