04- Pre-qualified vs Pre-Approved. What are the Differences and Which One is Better‪?‬ Real Talk with Mustafa

One of the first steps in your home search is to contact your lender to get pre-qualification or pre-approval for the amount of mortgage you are allowed to take out.

Sellers only want to deal with serious buyers when they are trying to sell their homes. It is a significant risk to accept an offer and take your home off the market. There are many ways a deal can fall through, and one of them is that the buyer cannot afford the house. Therefore, a serious buyer has to be pre-qualified or pre-approved for the amount they are financing.

What is the difference between a pre-qualified buyer and a pre-approved buyer? Do these terms mean the same thing, or is one better than the other in the eyes of the seller?

Pre-Qualified vs. Pre-Approved - Realtor Perspective

First of all, I will tell you my opinion on the difference as a Realtor®. Then, I will ask a lender for his perspective.

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