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Buy a Home: How Soon Should I Get Pre-Approval?
Securing pre-approval for a home loan is as good as money in the bank. It makes it possible for our real estate agents to help focus your home search, and it gives you an advantage at the negotiation table. However, your pre-approved status doesn't last forever, and you'll want to carefully read the lender's terms and conditions so that you don't get pre-approved too early.
The 60- to 90-Day Window
It can take anywhere from three days to a week for a lender to review your pre-approval application. Once approved, most mortgage pre-approvals are valid for between 60 to 90 days. In limited cases this window may extend out to 180 days. This is a short window so you want to maximize your efforts during this period. It's a short period because there is a possibility your credit score will change the more time elapses.
Each lender is different so you will want to verify how long a window you'll have once you secure your mortgage pre-approval. As a general rule of thumb, you will want to wait to secure the pre-approval until you're ready to view Minneapolis homes for sale and make an offer.
What happens if the window is closing? You should never feel pressured to make an offer on a home if your pre-approval window is closing. You should wait until you know you've found the right home for your needs. If your pre-approval period is winding down, you can submit updated financial information, credit reports, etc. to the lender and extend the window.
Getting Ready for Pre-Approval
You don't want to wait until you are ready to purchase a home in Minneapolis to prepare your documentation for the pre-approval process. The sooner you start gathering the required paperwork, the smoother the process will move forward.
You'll need copies of your current pay stubs, W-2s and federal income tax returns for the past two years. You'll also need bank statements for all accounts in your name, a copy of your credit report, as well as your driver's license or passport.
If you are self-employed, you may also need to provide copies of your business bank statements, business license, a profit/loss statement, and your company's tax returns.
Tips for Getting Pre-Approved for a Home Loan
- Shop Around. Different lenders have different lending requirements and loan products. It's worth taking a few months to research your lending options before deciding which lender to go with.
- Save Up for the Down Payment. The more money you put down, the more you'll save over the long-term.
- Get Your Finances in Order. Pay down your debts, boost your income as much as possible, clean up your credit report, and avoid opening new credit accounts. These are steps you should start working on a year or more before you plan to start your home search.
- Keep Your Accounts Current. Always keep your credit accounts and loan obligations current. Even one missed payment can make a serious dent in your credit score.
- Don't Open New Accounts or Make Major Purchases Once You're Pre-approved. Unless it's absolutely necessary, don't open new credit accounts, obtain a car loan, or spend up your existing credit cards until after you have purchased your home.
We encourage you to call today to learn more about the mortgage pre-approval process. Our agents will answer your questions and help you navigate the process so that you are well-positioned to negotiate the purchase of the ideal home for your family's future.
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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/06/2026. The listing information on this page last changed on 03/06/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Fri 03/06/2026 3:09:18 AM EST) or RMLS-MN MLS (last updated Fri 03/06/2026 12:02:34 AM EST). Real estate listings held by brokerage firms other than Counselor Realty may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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