Real Talk with Mustafa Mustafa Tuncali

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.

Search for homes: mustafatuncali.com

Travis from Travis Schmidt group at Fairway Mortgage answered the most frequently asked mortgage questions,

- Pre-qualification vs pre-approval

- Minimum FICO score requirements

- FHA vs Conventional loan

- Employment history requirements

and much more.

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Buying a house as a first time home buyer in this market is very difficult. You have to compete against cash offers over asking price. In this podcast I’m talking about how first time home buyers are having a tough time out there.