Today, Amanda McMillan of Chicago Home Partner is joined by Dan Gjeldum of Guaranteed Rate to discuss mortgage challenges and strategies for 2024. They dive into the complexities of the current mortgage market, discussing essential tips for home buyers, the importance of pre-approval, and strategies to navigate competitive bidding wars.
Highlights of this discussion:
- The Importance of Pre-Approval: Dan emphasizes the necessity of getting pre-approved before house hunting, likening it to "taking diabetic kids into a candy store" without knowing what they can do.
- Budgeting Challenges: Amanda shares her experiences of having tough conversations with buyers who overlook key expenses like HOA fees.
- Larger Down Payments: Both discuss the trend towards larger down payments (20-25%) in today’s uncertain market and how it affects first-time home buyers.
- Power Bid Strategy: Learn about Guaranteed Rate's innovative "Power Bid," which allows buyers to get a full mortgage commitment before making an offer, making their bids more competitive.
- Fast Closings: Discover how Dan’s team has managed to close mortgages in as little as 8 days, and the value of offering quick closings in multiple bid situations.
Don’t miss out on this insightful discussion that can help Chicago home buyers make informed decisions and stay ahead in the real estate process. Like, comment, and subscribe for more expert insights on real estate and mortgage trends!
