Yes, prequalification is the initial step in the VA loan process and is generally quite simple. It provides an estimate of how much you might be able to borrow based on the information you provide to the lender.
You can think about loan prequalification as a “first interview” of sorts. Prequalification helps lenders achieve three main goals: Assess a borrower’s service and credit eligibility Estimate the loan amount a borrower may obtain Begin gathering documentation needed for preapproval and loan underwriting The prequalification process also holds key benefits for prospective borrowers. It’s a non-binding step you can take with multiple lenders, which will help you compare rates and terms. It’s typically a 10-minute conversation.