Once you get your mortgage pre-approval, you’re one step closer to purchasing a home. Make sure you review the pre-approval carefully and take note of the interest rate, length of commitment, conditions, and more. Use the pre-approval to give your application a step up once you put an offer on a property. Once you’re ready to purchase your home, you’ll have to apply for formal mortgage approval. Gather all documents necessary early, and be prepared to consent to a credit check.