Mortgage Beat Archive

There are several types of insurance to consider when buying a home. The first that we commonly talk about is homeowners' insurance.

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.

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.

The 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 Chicago Patrolman Credit Union, wouldn’t take the loan. 

FHA and VA loans may be an immediate alternative for those who don’t have 20% to put down and want to have a low-money-down payment option to buy a house. 

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. 

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.

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.

If you have a substantial equity position in your home, and you’ve paid down your mortgage over a 10 to 15-year period of time and you have quite a bit of equity, it’s not a bad idea to draw on some of that equity to utilize it to fix up your home. 

For Sale by Owner (FSBO) was a popular way to sell a home back in the 90’s and early 2000’s. It was easier to do then. The market is much different today.

The core of what we do at Police Mortgage is knowing how we would like to be treated in similar situations. I try to put myself in the position of our clients.

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). 

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.

Does it make sense to walk into a patrolman credit union, get approved for the largest police home loan your credit score and income will allow, and buy as much house as possible.  Well, that’s a personal decision. 

We can do new construction loans through our partner lender, United Wholesale Mortgage. We don’t finance the actual construction in our portfolio at Police Mortgage.