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Getting Pre-Qualified for a Mortgage

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A mortgage pre-qualification is an initial evaluation of the credit worthiness of a potential borrower used to determine the estimated mortgage loan amount that the individual could qualify for.

Getting pre-qualified is the initial step in the home buying search. You will supply a lender with basic information regarding your income and assets and the lender will obtain a current credit report.1

After evaluating your information, the lender will give you a pre-qualification letter with an estimate of the mortgage amount and product for which you qualify. While a pre-qualification is not a loan commitment or approval, it can help you when you start shopping for your home.

Benefits of pre-qualification

  • The initial pre-qualification steps allow you to discuss with your lender any goals or needs you may have regarding your mortgage.
  • Your offer will be given greater consideration since the realtor and the seller will know you’ve been pre-qualified, making your offer more attractive.
  • 1 VACU doesn’t charge a processing fee for a pre-qualification, but some other lenders might. Be sure to ask.

Whether you're buying your first home or refinancing a current mortgage, Virginia Credit Union is there at every step.

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  • Mortgage Documents Checklist

    This list will help you gather information and documents for your mortgage application, to help get the mortgage process off to a fast and efficient start.
  • Shopping for Your Home Loan

    This booklet will help prepare you for the stages of buying, including information about how to decide if you’re ready to buy a home and how to find the right loan for you.