1. You find out how much you are approved for.
2. You will know how much you need for a down payment.
3. You will know what your monthly payment will be.

Differences between pre-qualification and pre-approval:

Pre-qualification does not require an application; pre-approval does.

Pre-qualification does not require income verifications; Pre-approval does. This would include W-2 and pay stubs.

Pre-qualification does not require asset verification; Pre-approval does.

Pre-qualification does not require underwriting approval; Pre-approval does

You will get your credit checked whether you are getting a Pre-approval or a pre-qualification.