Mortgage Beat

Do You Have to be House Poor?

Episode 073 of Mortgage Beat Police Mortgage Loan Officers, Vivian Abraham (NMLS #2451439) and Patrick Doah (NMLS #2025761), remind us that you don’t have to be “house poor” when buying a property. It’s important to distinguish between what buyers are qualified for and what will actually suit their comfort and lifestyle. Striking a balance is essential; while the desire to secure a contract on a dream home is strong, it is crucial not to overextend financially. Homeownership encompasses more than just the monthly mortgage payment; principal and interest are only part of the overall cost. Ensuring that buyers can maintain their desired lifestyle alongside these payments is fundamental to sustainable homeownership.   Mortgage Beat is brought to you by Police Mortgage, a full-service mortgage company dedicated to serving Police Officers and First Responders. Founded in 2008, Police Mortgage offers a variety of mortgage products tailored to meet the needs of those who serve and protect. To learn more or to apply for a home loan go to www.policemortgage.com [http://www.policemortgage.com/] or call 312-499-8878. NMLS #268165 Police Mortgage – For First Responders Who Are Second To None. ABOUT THE HOSTS: Vivian Abraham “I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During this time, I managed two of the National Police Federal Credit Union 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 for 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 “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!”

Can You Buy a Home without Overtime?

Episode 072 of Mortgage Beat Police Mortgage Loan Officers, Vivian Abraham (NMLS #2451439) and Patrick Doah (NMLS #2025761), provide perspective on overtime and buying a home. Many first responders, especially police officers, work overtime to afford a home. However, it's possible to buy a house with just your base income if you manage your finances well. Mortgage pre-approvals usually start with your base salary to ensure you can handle payments comfortably. Overtime and additional jobs can be considered, evaluated on a two-year average, but shouldn't be relied on if they make monthly payments unaffordable. It's important to avoid stretching your finances so thin that you need to work excessive hours just to pay your mortgage. The goal is to find a manageable payment that fits your lifestyle and financial goals, whether you're buying a starter home or planning for future moves. Balancing work, overtime, and side jobs with your personal life and wellness is crucial. Always consider what you can afford on your base income alone, ensuring you won't struggle if overtime or extra work isn't available. Mortgage Beat is brought to you by Police Mortgage, a full-service mortgage company dedicated to serving Police Officers and First Responders. Founded in 2008, Police Mortgage offers a variety of mortgage products tailored to meet the needs of those who serve and protect. To learn more or to apply for a home loan go to www.policemortgage.com [http://www.policemortgage.com/] or call 312-499-8878. NMLS #268165 Police Mortgage – For First Responders Who Are Second To None. ABOUT THE HOSTS: Vivian Abraham “I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During this time, I managed two of the National Police Federal Credit Union 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 for 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 “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!”

Downsizing for Empty Nesters

Episode 071 of Mortgage Beat Police Mortgage CEO, John Aretos, provides tips for empty nesters planning to downsize to a smaller home. Mortgage Beat is brought to you by Police Mortgage, a full-service mortgage company dedicated to serving Police Officers and First Responders. Founded in 2008, Police Mortgage offers a variety of mortgage products tailored to meet the needs of those who serve and protect. To learn more or to apply for a home loan go to policemortgage.com or call 312-499-8878. NMLS #268165 Police Mortgage – For First Responders Who Are Second To None.

Possible Pitfalls of Moving to Another State

Episode 070 of Mortgage Beat While property taxes and other factors may make buying a home in another state look attractive, the grass isn't always greener on the other side. John Aretos explains why. Mortgage Beat is brought to you by Police Mortgage, a full-service mortgage company dedicated to serving Police Officers and First Responders. Founded in 2008, Police Mortgage offers a variety of mortgage products tailored to meet the needs of those who serve and protect. To learn more or to apply for a home loan go to policemortgage.com or call 312-499-8878. NMLS #268165 Police Mortgage – For First Responders Who Are Second To None.

Stability in Your Financial Plan

Episode 069 of Mortgage Beat Many times home ownership is a linchpin to a solid financial plan. Police Mortgage CEO, John Aretos, tells us why. Mortgage Beat is brought to you by Police Mortgage, a full-service mortgage company dedicated to serving Police Officers and First Responders. Founded in 2008, Police Mortgage offers a variety of mortgage products tailored to meet the needs of those who serve and protect. To learn more or to apply for a home loan go to policemortgage.comor call 312-499-8878. NMLS #268165 Police Mortgage – For First Responders Who Are Second To None.