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 or e-mail by a representative of that financial institution for more information to start the actual pre-qualifying process. It’s best to approach the pre-qualification process with all the relevant data in-hand so you can fill out the form in one session.
Detailed forms can be reviewed or even printed for reference so you can gather the right kind and amount of detail needed to get your pre-qualification process for a VA insured home loan moving forward as quickly as possible. The actual processing time varies from lender to lender–ask your specific lender what the typical processing time is for that company’s size and workload.