The Credit Nazi: "Bad Credit! NO LOAN FOR YOU!"

The Credit Nazi: "Bad Credit! NO LOAN FOR YOU!"

Remember the character on the Seinfeld Show "The Soup Nazi". If you didn't walk the line, you were not going to get any of his "out of this world" soup. I sometimes think that people see the Mortgage Professional the same way. Don't say a word, walk nicely in a line, be very, very polite and we will get our home loan.

Denying a client can be heart crushing for a Mortgage Professional. It also can be a humiliating situation for a client whose credit is not quite at par. BELIEVE ME!! We get it! You have been looking at that pretty home that you've been eyeing for a while and now your heart has been crushed by that guy, that Mortgage Professional. that, that, that CREDIT NAZI! HE STINKS!!

All hope is certainly not lost and that CREDIT NAZI is not the guy you think he is. What many innocent homebuyers do not understand is that there is hope and with some work and ingenuity on behalf of your Mortgage Professional, you can achieve part of the American Dream.

1st: Disclose everything with your Mortgage Consultant/ Loan Officer/ Mortgage Planner/ Take your pick! The more he knows, the more he can help you.

2nd: Have him analyze why your credit is in the state that is in. Unknowing to you, there may be some minor corrections that can turn into huge points for you on your credit score or simply allow the lender to make an exception based on the documentation presented.

3rd: Ask your Mortage Professional if he has the ability to "What If" your credit report. This may incur a small fee ($10-20). This service will allow the Loan Officer to play with different scenarios on your credit report (ie: Pay this amount down, pay this off, increase your balance, etc.) thus finding out how many points you can raise your score based on the recommendation of your Loan Officer.

4th: Explain to him your entire situation. What you may find is that he can possibly submit the appropriate documentation to the credit company and raise your FICO scores within a couple of days. This is tremendously useful since doing it on your own can take 45-75 days. It is known as a Rapid Re-Score.

5th: VERY IMPORTANT!! Your Mortgage Professional is your friend. He is not the boogey man. He is not interested in turning you away. Realistically, he earns his keep by helping families achieve their dream. Trust him and he will work diligently for you. He is not anything like the Soup Nazi on the Seinfeld Show. He really does want to give you soup (A Home Loan).