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Mortgage Prelude
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Version
1.0
While Mortgage Prelude serves as a powerful mortgage
calculator that computes such items as your monthly
payment, amortization schedules, interest, etc., it is
so much more than a common mortgage calculator. One of
its most distinguishing features is that it uses the
guidelines set forth by the Federal National Mortgage
Association (a.k.a. Fannie Mae) in its computations.
This is a very important concept because they are the
same rules most lending institutions use when
evaluating your request for a home loan.
Via a very friendly interface, the program will prompt
you for important input information such as your income
and debt summary, and use the data you provide (along
with the information you provide about the price of the
home, interest rate, etc.) to actually compute if you
have met the Fannie Mae Guidelines -- and it will
conveniently do so before you ever have to meet with a
loan officer. Mortgage Prelude will make the entire
process of obtaining a loan as easy and quick as
possible for you.
We are confident that this is important because when
you obtain a loan, there is a very high chance that
your lender will want to have the option of selling
your mortgage on what is called the secondary market
for mortgages. (In fact, many lenders will sell your
loan before you even make your first mortgage payment.)
The two largest buyers of loans on the secondary
market for mortgages are Fannie Mae and Freddie Mac
and, thus, those two entities pretty much set the
standards for home loans. What that means is that your
lender will very likely want to make sure that the loan
they grant you fits the industry standard Fannie Mae
Guidelines so that they can sell your loan. Although
there are many applicable guidelines, probably the most
important are what are called the "Qualifying Ratios"
(which are computed and displayed on Mortgage Prelude's
main screen).
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