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VA Loan Questions: Pre-Qualifying For VA Loans
Borrowers looking for their first home have many questions about the pre-qualification process. Depending on where you look for a VA mortgage, pre-qualification questionnaires may vary greatly. For example, some online forms ask the borrower to estimate their own credit as “Excellent”, “Good”, “Fair”, etc.
Do those sorts of “self-estimate” pre-qualification questions really count? The answer depends on the purpose of the online form. Some lenders want to pre-screen candidates and ask more general questions, while others use the online form more specifically for the pre-qualification process itself.
That’s why some sites ask extensive, detailed questions in their forms than others. “How long does pre-qualification take?” Depending on which type of website you visit, you may need extended time to complete a VA loan pre-qualification online. Simply answering the questions with general information doesn’t work when the online form requests social security numbers for the applicant and a spouse where required, or for work history that includes addresses and telephone numbers.
In many cases, the more detailed the form, the closer you’ll get to actually pre-qualifying for the loan. In situations where the online form is short, simple and doesn’t require much information, chances are that you’ll be contacted by phone ... more

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