Pre-qualification is an estimate of how much you might be able to borrow based on a quick review of your finances. Pre-approval involves a more detailed look at your finances and credit history to give a more accurate figure of the mortgage amount a lender is willing to provide.

A mortgage lender is a financial institution that provides the loan. A broker acts as an intermediary, helping you find the best loan from various lenders. A banker, or mortgage banker, works for a specific financial institution and offers loans from their institution only.

Yes, getting pre-approved for a mortgage requires a lender to perform a credit check, which is a hard inquiry. This can temporarily lower your credit score by a few points.