Featured Image 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. 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. VACU doesn’t charge a processing fee for a pre-qualification, but some other lenders might. Be sure to ask. If we can help you with your pre-qualification, please call 804-323-6800 or 800-285-6609. The process can be started over the phone, at a branch or online.