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Do you know how to increase your chances of getting approved for a mortgage loan modification? One way is to learn how to pre-qualify yourself so that you know you can meet your lenders approval guidelines. This is a simple process that you can use to know ahead of time whether you have a good chance of success at getting the loan workout you need. The Obama loan modification plan has strict guidelines for qualifying, as do many other loan workout plans. Here is some valuable information you can use to learn how to Pre Qualify For Mortgage yourself so you can prepare your application correctly and get a jump start on the process.

Successful mortgage loan modification candidates will be able to meet certain approval guidelines. Once you know what those guidelines are, you can work on your application at your own pace to determine if you might qualify. You need to know the program debt ratio guideline, then compute your own so that it will meet that guideline. You can adjust some of your expenses if needed, or even add some household income with a roommate or part time work if necessary. The goal is to know what needs to be fixed to meet the debt ratio guideline, then make those adjustments before your lender has the chance to turn you down. When you work on this ahead of time, before you contact your bank, you have the chance to make the necessary changes to your paperwork. That way, you can provide acceptable loan modification forms to the bank and increase your chance of approval.
If you are confused about how to figure your own debt ratio, disposable income, new target payment or any of the other critical qualifying criteria, then you can use a software program designed to help homeowners create an accurate and acceptable financial statement for their lender. Instead of struggling for hours and ending up frustrated and unsure of your figures, you can simply input your monthly income and expenses, and all the calculations are done automatically for you. Avoid mistakes and make sure you are preparing your information correctly so that you have the best chance of approval.

Part of the equation that is looked into before one is pre-qualified for a mortgage is the FICA scores or the credits scores. The FICA score is a report that runs anywhere from 300 to 850. 850 is a good score while 350 is not a very good one and is not quite likely to get you a house. But there are three major components that go into the FICA score.

You may be surprised to find that you can actually get more home than you thought you could, or your current debt obligations will not allow you to get into as big a home as you would like to have. If you can get into a bigger home or better home than you thought you could, make sure that the mortgage payments you are going to have to make are what you are looking for. If not, then you do not have to get into more home than you want simply because you qualify. By the same token, if you want to get into a bigger or better home, pay down your debt obligation so that you can qualify for a bigger mortgage loan.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier! Visit loan modification to order today.

Learn more about Obama Mortgage Relief Plan Qualifications.