How Your Mortgage Lender Can Ruin Your Home Purchase

Rate top lender Dan Gjeldum and I break down why the lender you choose matters more than ever in Chicago—especially with condos, competitive situations, and today’s rate environment. If you want to avoid financing disasters, strengthen your offer, and actually win the home you love, this is the episode you need to watch.

Mortgage and Lending Information:

• The truth about “online lenders” and why impressive websites and teaser rates don’t always translate into smooth closings
• Why using an out-of-state or online-only lender can be risky when you’re buying a Chicago condo (HOAs, budgets, reviews, and local underwriting quirks are a different world here)
• How a well-known, locally active lender can help your offer stand out—even against higher or all-cash offers
• The difference between pre-qualification, pre-approval, and fully underwritten approvals (and why listing agents treat them very differently)
• Smart strategies for competitive offers: stronger down payments, “cash subject to financing,” and how your lender can actively sell you to the listing agent

Lending Programs Today:

• Newer and lesser-known loan options for today’s buyers:
– Bank statement loans for self-employed buyers
– Asset-based and retirement-income strategies
– ARM products (7- and 10-year ARMs) and when they actually make sense

Buyer and Seller Challenges:

• What today’s first-time buyers are asking about most—affordability, rates, grants (and what’s disappeared), and how to think about refinancing in the next few years
• How non-citizens, visa holders, and minority buyers are being impacted by lending changes and fear in the marketplace
• The classic question: “Should I rent or buy right now?”—and how to weigh lifestyle, flexibility, and long-term wealth-building
• The biggest mistakes Chicago buyers make: going it alone without a team, choosing the wrong attorney, overspending and becoming house poor, and not thinking about how their needs will change in 3–7 years

At the end of the day, Chicago is the “smallest big city” in the country—relationships and reputation matter. The lender you choose, the agent you work with, and the attorney on your team can literally be the difference between winning a great home… or watching it go to someone else.

Whether you’re buying your first condo in Lakeview, moving up to a single-family home in Logan Square, or debating if now is the right time to jump from renting to owning, this episode will give you a behind-the-scenes look at how financing really works in Chicago—and how to avoid costly mistakes.

📽️ Video Chapter List:
00:00 – Why your lender choice matters in Chicago
03:15 – Online lenders vs local experts (and real horror stories)
09:42 – Fully underwritten approvals & winning in multiple offers
16:30 – Niche loan options for self-employed & high-asset buyers
23:05 – ARMs in today’s rate environment: smart or scary?
29:10 – First-time buyer fears, grants, and refinancing expectations
36:20 – Rent vs buy: lifestyle, flexibility & long-term strategy
43:00 – Biggest mistakes Chicago buyers make (and how to avoid them)

📩 Have questions about your own situation?
Thinking about buying or selling in Chicago and want to make sure your financing strategy actually supports your goals? Reach out anytime—my team and I are here to guide you from first conversation to closing and beyond.

CONNECT WITH AMANDA:
📧 [email protected]

☎️ 773.537.1300

🟦 Thinking about buying or selling a home in Chicago?
Whether you're a first-time homebuyer, a move-up seller, or an investor trying to navigate today’s lending landscape, subscribe for real-world insight on:

• Chicago real estate market trends
• Condo vs single-family financing in the city
• How to make your offer stand out (even without being all cash)
• Structuring your loan so it fits both your lifestyle and long-term wealth plan

🏡 Meet Amanda McMillan – Your Chicago Real Estate Strategist
Amanda is the #1 producing agent in the @properties Christie's Bucktown office and a data-driven advocate for Chicago buyers and sellers. She pairs deep market knowledge with trusted lender and attorney partners to help clients compete with confidence in one of the most nuanced urban markets in the country.

CHICAGO REAL ESTATE ACCOLADES:
✔ Top 1% of Chicago REALTORS® for closed volume & transactions (2006–2023)
✔ $50M+ in Chicago home sales annually
✔ 200+ 5-star reviews on Zillow, Google, Yelp & more

Looking beyond Chicago? As part of the Christie's International Real Estate network, Amanda helps clients buy, sell, and invest across the country and around the globe—whether it’s a luxury home in the city, a starter condo on the North Side, or a second home in another market.

🔔 Subscribe now for straight-talk advice on Chicago home buying, selling, and financing from a top-producing local expert.

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