Mortgage pre-approval is the process of determining how much money you can borrow to buy a home

Pre-approval and pre-qualification are two ways to understand how much approval you can get

A mortgage pre-qualification is similar to a pre-approval, but it may not be as accurate

Without your credit report, lenders can only give you estimates

To get pre-approved, you may be asked to submit information or documents like statements and pay stubs to prove your income

Pre-approval is helpful when you're looking for a home

The lender will order a home appraisal to make sure you are not paying more than the home is worth

The lender will work with a title company to confirm who owns it and to make sure there are no claims or liens against the property

Some loans require certain property standards to be met before the loan can be closed