Getting Pre-Qualified for a Mortgage Article
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.