- Image by quaziefoto via Flickr
I know from my clients that loan modifications are still a booming business. And one of the most critical components is understanding a borrowers debt-to-income ratio. More simply how much “qualifying” debt are they paying every month compared to their monthly income?
This apparently simple calculation can get very complex.
Are we talking about front-end DTI or back-end DTI? Does alimony and child support count? How is it calculated if you are self-employed? How does home equity loans or credit line impact this ratio?
These are just a few of the important questions that are plaguing your loan modification clients. To help you build a good loan modification sales script and tools for this customer base went looking into my archives and on other smart websites and this is what I found:
- My own authoritative post on loan modification DTI calculations
- A great article by the author of Loan Modification for Dummies, Ralph Roberts
- A really good video on how to calculate DTI for a loan modification
I hope this helps you and your loan modification customers. This is the centerpiece of qualifying most of your loan modification clients.
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