When you seek out mortgage pre-approval, your lender will ask to review your credit report to make sure there are no financial red flags. This is known as a hard inquiry, and it could lower your credit score slightly. However, the credit bureaus that determine your score recognize the need to shop around. Therefore if you seek pre-approval from multiple lenders within a short time frame (specifically, within 30 to 45 days), all those inquiries will only count as a single inquiry in the credit bureaus' eyes. That means your credit score won't take multiple hits. Getting pre-approved for a mortgage sends the message that you're a serious buyer with the finances to back up any offer you make on a home. It could also help you approach your home search more strategically, as it you'll have a clearer idea of what you can afford. But be careful: While it pays to get pre-approved for a mortgage, you must first assess your finances to see if you're ready. If your credit score needs work, or your job isn't steady, you're generally better off fixing those issues first and then requesting mortgage pre-approval.