A pre-approval is needed in order to ensure you qualify and how much of a loan you are entitled to considering both your credit, and your family income. Having a pre-approved mortgage allows you to shop for your new home more confidently, removes stress, and also protects your approved rates if rates go up. If they come lower, you will receive the lower rate instead. Either way, you will benefit, and it is especially recommended for first time buyers and for those people who do not have a good credit rating.