This is Henry’s story. A couple of months back, I received an email from a local realtor in a panic. One of her clients, Henry, had just been denied a loan to purchase a condominium. But the interesting fact here, like so many other situations we see, was that Henry had taken the appropriate steps to get pre-approved for a new home.
His was a typical example which, in retirement, he was downsizing from his current home. That home, in fact, was already under contract and scheduled to close the same day he would move into his new Nashotah condominium. He had plenty of down payment funds as a result. So what, you say, is wrong with this picture?
His original lender somehow overlooked the simple fact that he had some negative credit history a few years back. And that history was no fault of his own. Henry had experienced a serious health issue and, because he was self-employed at the time, his business suffered. And that was compounded by the recession our country was facing at the same time.
Enter the Great Midwest Bank Portfolio Loan. A perfect example of common sense mortgage lending. In short order, GMB turned the situation around and made Henry a big fan: “…thank you for everything you have done. Your service was great and the application process was quick and easy. The people at GMB listened to me and did not make judgements based only on numbers. I have already given your name to two friends looking to sell/move in the near future. Believe me when I say I will be a walking, talking commercial for you and GMB.”