So you just got married, congratulations! Newly-married couples begin to dream of homeownership together after their big day. This is a very exciting time in your lives, and vLoan is here to help you make that dream a reality. Before shopping for your future home, get pre-qualified for a mortgage loan. Pre-qualification tells you, your mortgage advisor and your realtor how much home you are able to afford. vLoan’s pre-qualification tool is vQual, the most innovative online pre-qualification tool that enhances your negotiating power. Get your pre-qualification letter quickly and electronically today with vQual.
Now let’s down to the nitty-gritty:
What is the difference from pre-qualification and pre-approval?
Both a pre-qualification and a pre-approval tell you how much loan for which you can qualify. There are a few legal distinctions between the two but both give you a letter from your lender indicating how much you may be able to borrow. In the end, the difference is the level of commitment. With the approval, everything is good to go. You are ready for your new home as long as there are no changes and you receive an appraisal. With a qualification, you still have yet to get the loan. It shows you how much you can afford based on the info you have provided. No information is verified yet, but it tells you how much you may be able to receive if the information is true. This letter doesn’t guarantee you will be about to borrow that specific amount of money, but it gives you a good range to consider when you are house hunting.
When should I get pre-qualified?
vLoan looks at your credit through the pre-qualification process, but your pre-qualification letter will expire after 30 days. After it expires, we can give you a simple phone call to make sure there were no changes, and we can reissue another letter. Although you might not be a serious home shopper yet, it is a good idea to get the pre-qualification process started early so you know what to look for. This will give your mortgage advisor time to tell you any details about your situation, how to correct any problems and how to avoid a possible denial later on.
Does my spouse have to co-sign?
Generally, if you are applying jointly, you would need your spouse to sign with you. However, there are circumstances where you might want to apply on your own. It is not required for you to have your spouse co-sign if you are using your individual credit to qualify on your own.
Does my marital status have an effect on the home buying process?
vLoan (and other lenders) does not discriminate based on marital status. We do ask about you are married, unmarried or separated, as it is important. A spouse may have an interest, based on state, in the property by virtue of marriage. These laws are not recognized by all states. Each state has different rules in place. You may also submit a joint application with another person if you are unmarried.
If your pre-qualification ended in denial, don’t panic. Ask your mortgage advisor why, and we will help you work to improve your financial situation! One denial doesn’t decrease your chances of getting a loan later on.
vLoan has the most innovative online pre-qualification tool. vQual allows our borrowers and their real estate agents to receive a pre-qualification letter on their mobile devices instantly. If you and your loved one are dreaming of homeownership, get the vQual process started today!