A pre-approval is official. So, if a client is about three months away from buying a property, he or she should be pre-approved by then.
If you’re six months out or more from actually making an offer on a property we can certainly have a conversation. As we always say at any Chicago Patrolman Credit Union location, we love conversations. I will be happy to tell you what to be prepared for.
When we have that conversation, I can tell you where rates are during that discussion, but I can’t tell you where they’re going to be in six months. If you are thinking about purchasing a new home, no matter when it is, having a conversation is free. Even if you are going to be looking seriously in a year, it’s always a good idea to begin getting prepared for a police home loan. Maybe you will learn a little something from us. Maybe we advise you on what you can afford and that gives you a better idea of the properties you want to look for.
At six or twelve months out we’re just talking. We won’t pull your credit or start an application. It’s just a conversation where we want to arm you with as much valuable information as possible.
Those early conversations can be quite beneficial. For example, a couple came to me for a pre-approval meeting and told me the target price range that they wanted. Their range was around $350,000 to $400,000. Unfortunately, there was no way to pre-approve them for a loan at that time in that range because their credit scores were below our threshold.
However, our parent company – the National Police FCU – offers free credit counseling. I walked them over to our expert, Gwen Hawkins. She reviewed their credit and advised them on the best ways to fix their scores.
They took the most efficient steps and came back to see me about six months later. Their credit was where it needed to be, and we helped them buy the home they wanted. Had we not had that conversation I don’t know if I would have been able to assist them, at least not to the level of giving them the opportunity to buy the property they really wanted. That is the value of pre-qualifications.
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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