Getting pre-qualified is the initial step in the mortgage process, and generally it's pretty simple. It's a written commitment prior to your finding a home. You supply your overall financial picture, including your debt, income and assets, and get an idea of the mortgage amount you qualify for. It's a great way to find out what price range of homes will fit your budget.
While VACU doesn't charge a processing fee for pre-qualifications, some companies might, so be sure to ask.
Benefits of pre-qualification
- You know how much you’re qualified for. This will put your mind at ease and you’ll be able to act quickly to make an offer when you find the right home.
- Your offer to buy can be taken more seriously. The seller knows that it's likely that a sale to you should not result in delays, which makes your offer more attractive.
- Closing on your new home will likely be faster and easier. Since you will have already finished some of the application steps, your mortgage loan can be closed faster.
If we can help you with your pre-qualification, please contact us.