The Most Important Data in a Loan Modification


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Although loan modifications have become very common, it is important to remember that no all mortgage modifications are given by the bank. In deciding whether to approve an application, the bank will normally study the main element in the approval process: the debt-to-income ratio.

The debt-to-income ratio is the fundamental factor in determining how successful an application will become because it is the best way for the lender to calculate if the person will be able to pay back the loan after the loan modification.

Before calling a lender, it is a good idea for the home owner to calculate the debt-to-income ratio. This is so because of two main reasons.

First, the ratio will give the owner a good idea of whether the home loan application will be approved. The majority of lending institutions prefer to look at a debt-to-ratio that isn’t above 50%. Some banks will go up to 55%. In some cases, and given the right conditions, a few lenders will be willing to go even higher.

Second, by finding out the ratio prior to calling the lending institution, the individual could see ways in which it might change the debt-to-income if the ratio is too high even after the approval of the loan modification.

For example, frequently home owners may pay off some cards to decrease the debt-to-income ratio. In other instances, the owner can give a very good excuse why she will be able to make the payments even with the elevated debt-to-income ratio.

The majority of banks request this ratio since they prefer to ensure they are not loosing their times with individuals who will stop paying the loan even after the home loan modification. The ratio is a very accurate indication of how realistically an owner will repay the mortgage.

As a summary, always remember that you are looking for a ratio after the loan modification that is below 50-55%. By doing the calculation before talking to a lender, the owner might be much better prepared to present the case and the chances of having the loan modification approved go up dramatically.

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