So, you’re ready to buy your first home? Purchasing a home is a huge milestone in your life. Little compares to the rewarding feeling you’ll experience when you finally pop a squat on your couch in your own place. But before you even start looking for a home, you’ll want to get prequalified.
Preparation is the best thing to ensure to be your home-buying process runs smoothly. A digital prequalification will give you a better idea of the amount you could borrow, helping to set your expectations and prepare your budget.
So what exactly is prequalification?
Prequalification is the first step in the mortgage process and with vLoan, it’s simple and straight forward. During prequalification, your credit, income, debt and assets are reviewed to determine an estimate of what you can afford to borrow. vLoan simplifies the process further with vQual, a powerful digital prequalification tool at your fingertips. You can enter your information online or on your phone for an instant snapshot of what you can afford. Share it with your Realtor during your Sunday house hunting cruise.
Even though this is a quick, simple process, there are a few things to keep in mind:
First, the amount you are qualified to borrow is often more than the amount you can afford to spend on your home. Be sure to set money aside for the other important things in your life, like bills, home repair, or new furniture.
Second, unlike preapproval, prequalification doesn’t require a commitment from you or the bank.
Overall, getting prequalified gives you the power to see what you can afford. Establishing your budget and projected loan amount will help you know which homes are in your price range when house hunting.
Ready to get your digital prequalification? Get started with vQual today to get the mortgage process rolling. Do you have any questions about the process? Contact our vLoan team today or start comparing your options with a 2-minute rate quote!