Page 66 - FOP June 2019 Magazine

A contribution from a Chicago Lodge 7 Magazine sponsor
Answers you are looking for to make that home purchase
Wintrust Mortgage offers custom mortgag- es with mortgage consultants available to un- derstand the unique circumstances and goals of each Chicago FOP member. Multiple options are available, from custom terms like a 17-year fixed mortgage to coordinate with retirement to low down-payment programs to help first-time homebuyers. These custom options help create unique mortgage programs that fit specific situ- ations. Mike Mergen, vice president of Strategic Partnerships at Wintrust Mortgage, who has been
in the mortgage industry for more than 25 years, discusses some particulars of pursuing a mortgage and answers ques- tions from Lodge 7 members about financing their home pur- chases.
What is the best way to evaluate or choose a company to do your mortgage?
This is a great question since there are so many options to choose from. There are two main components to evaluate while making this decision. The first component is reputa- tion. Is the lender you are considering working with reputa- ble? Does it have a track record of superior customer service? Has the company conducted business with customers in an honest and ethical manner?
The second component to look at is the cost of the mort- gage. This means reviewing interest rates, fees and any spe- cial offers that are available. There are a number of factors that play a part in determining the overall cost of a mortgage that are unique to each customer, but you should get very competitive interest rates and fee structure.
What does Wintrust’s specialized program for Lodge 7 members include?
The Chicago FOP is part of our Member Mortgage Benefits Program, which is a special program designed specifically for large membership groups. This program allows members an opportunity to take advantage of numerous benefits, which include a $500 gift card after loan closing, mortgage educa- tion through monthly webinars and it also gives members ac- cess to our specialized mortgage team. This specialized mort- gage team is dedicated to our partner, which allows mortgage consultants to gain a deeper understanding of the culture and unique circumstances each of our clients and their members bring to the table.
A lot of new police officers have recently joined the Chica- go Police Department and are likely first-time homebuy- ers. What information can you provide for them about the virtues of buying their own home and what mortgage pro- grams might be best for them?
Becoming a homeowner has always been seen as the Amer- ican dream, but it also can be a bit overwhelming. Traditional
mortgages may have high down payments which can be diffi- cult for a first-time buyer. Look for first-time home buyer pro- grams, grants and down-payment assistance to help borrow- ers make their dream of homeownership a reality. First-time homebuyer assistance programs increase the buyer’s chance of purchasing homes in particular regions or help borrowers in certain professions, such as first responders, educators or active-duty military and veterans.
What factors determine what kind of loan a member can get?
Getting pre-qualified is a great first step to take if you are interested in purchasing a home. The pre-qualification will tell borrowers how much home they can afford based on their individual circumstances. The basic components that your mortgage consultant will review with buyers would be their credit, their income and assets as well as their debts.
What attributes or assets do police officers have that make them good customers and candidates to be approved for a mortgage?
Every individual has a unique set of circumstances, so it’s difficult to make a broad statement about mortgage approv- al. I will tell you that Wintrust Mortgage is extremely honored
66 CHICAGO LODGE 7 ■ JUNE 2019
VA Home Loans 101
• As an eligible military service member or veteran, benefits are available when you buy or refinance a home. Wintrust Mortgage’s webinar presents the basics of VA loans, the common myths and the steps involved to obtain VA home financing. In addition, you can learn about the special benefits available through Wintrust’s Member Benefit Program.
• July 18, 11:30 a.m.-12:15 p.m.
• To attend this event, go to https://primetime. bluejeans.com/a2m/register/zbfxvbvd.
• If you cannot attend this session but would like additional information, please contact David Andersen at 833-201-2676 or visit www.wintrustmortgage.com/cfop.
MIKE MERGEN WINTRUST MORTGAGE