Pre-qualification is a quick process without looking at your credit score, providing an estimate of the possible loan amount. These are practically required to buy a home, but taking the next step to be pre-approved will help you make a quick move in a busy market. Pre-approval is when the lender performs a complete mortgage application and supplies the required documentation for credit checks. The lender can pre-approve up to a certain amount and give you the possible interest rate. Home sellers like to see a pre-approval because they’ll be able to close even faster on your offer.