Compare hashed password vs searching for user with hashed value

Question

Technically speaking is there any difference to these two login flows

The first:

1. Find user by email/username/etc.
2. Use a library like bcrypt to compare plain text password to hashed one
3. Return user if comparison true / return invalid credentials if comparison false

The second:

1. Hash the plain text password sent by user
2. Search for user by both the email and hashed password
3. If user found return him to the client / if user not found return invalid credentials