Understanding exactly what it takes to get approved for a Chase loan modification is tricky-there are 7 approval guidelines that you must pass-the loan mod calculator automatically computes and displays these for you. Here is why you need to use this powerful tool:
Loan Modification Calculator – Approval Requirements
- Loan To Value-LTV: Input your homes approximate current market value and your current mortgage balance. The LTV will compute and display-see the figure needed immediately
- Debt Rato-DTI: The Calculator figures your front DTI as well as the back DTI. This is a critical approval guideline-see instantly if you are passing and how you may need to adjust your income.
- Asset Ratio: Type in the amount of liquid assets you have, checking, savings, money market (not retirement accounts) and the loan mod calculator will compute either PASS or FAIL for your specific situation.
- Imminent Risk of Default; This is the Hardship category-you must pass this calculation! Fortunately, the loan mod calculator computes this for you and shows OK or REJECT.
- Current Cash Flow: Another Hardship Category that uses your net income and your total monthly expenses to show Chase that you cannot afford the current mortgage payment. You may need to adjust your expenses to show the bank that you deserve help.
- Waterfall Method Of Modification: Instantly see what your new loan terms could be! Are you passing for a 30 year 2% modification? Will your loan term be 40 years or do you qualify for a Principal Reduction? Find out how to fine tune your budget using the Calculator in order to get the very best new loan terms!
- After Mod Cash Flow: This is critical because you must prove to Chase that you will be able to afford to pay and maintain the new modified mortgage-you should have a bit of money left over each month after paying all your bills and the new lower mortgage payment.
The Chase loan modification guidelines are simply a mathematical formula that uses all of the above financial information. The tricky part is fine tuning your budget so that you fit right into the program. The loan modification calculator automatically computes and displays all of these triggers, and gives you the opportunity to fine tune your budget before your submit for final review.
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