Mortgage Prelude - Version 1.0 While Mortgage Prelude serves as a powerful mortgagecalculator that computes such items as your monthlypayment, amortization schedules, interest, etc., it isso much more than a common mortgage calculator. One ofits most distinguishing features is that it uses theguidelines set forth by the Federal National MortgageAssociation (a.k.a. Fannie Mae) in its computations. This is a very important concept because they are thesame rules most lending institutions use whenevaluating your request for a home loan.Via a very friendly interface, the program will promptyou for important input information such as your incomeand debt summary, and use the data you provide (alongwith the information you provide about the price of thehome, interest rate, etc.) to actually compute if youhave met the Fannie Mae Guidelines -- and it willconveniently do so before you ever have to meet with aloan officer. Mortgage Prelude will make the entireprocess of obtaining a loan as easy and quick aspossible for you.We are confident that this is important because whenyou obtain a loan, there is a very high chance thatyour lender will want to have the option of sellingyour mortgage on what is called the secondary marketfor mortgages. (In fact, many lenders will sell yourloan before you even make your first mortgage payment.) The two largest buyers of loans on the secondarymarket for mortgages are Fannie Mae and Freddie Macand, thus, those two entities pretty much set thestandards for home loans. What that means is that yourlender will very likely want to make sure that the loanthey grant you fits the industry standard Fannie MaeGuidelines so that they can sell your loan. Althoughthere are many applicable guidelines, probably the mostimportant are what are called the "Qualifying Ratios"(which are computed and displayed on Mortgage Prelude'smain screen).