Pre-approval is more rigorous than pre-qualification. The lender pulls your credit, verifies income/assets, and issues a letter stating the maximum loan amount and rate you qualify for.

Pre-approval letters typically last 60-90 days and signal to sellers that you're a serious buyer with financing in place — often required to make competitive offers.

Getting pre-approved by multiple lenders within a 14-45 day window only counts as one credit inquiry for FICO scoring purposes.