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, call 312-499-8878.
Police Mortgage for First Responders Who Are Second to None.
