You've been pre-approved for a mortgage. Congratulations! This means you've taken an important step toward buying a home in New Hampshire and have a clearer understanding of what you may be able to afford.
But what happens now?
If you're wondering what comes after pre-approval, you're not alone. Knowing what to do next and what to expect can help you feel more confident, avoid surprises, and keep your path to homeownership moving forward.
Here are the steps to take after you've been pre-approved for a mortgage in New Hampshire.
Open houses and real estate showings, here we come! Welcome to the most exciting part of the process, searching for your new home.
Start by building your homebuying team with a participating lender and a knowledgeable New Hampshire real estate professional who understands the local market. They'll help you identify homes that meet your needs, schedule showings, and guide you through the buying process.
As you search, keep your mortgage pre-approval amount in mind, but remember that just because you're approved for a certain amount doesn't mean you need to spend your entire budget. Consider your monthly expenses, future financial goals, and the overall cost of homeownership, including property taxes, homeowner's insurance, utilities, and maintenance, as you search.
This is it! You've found a home you love. Now, it's time to submit an offer with the help of your real estate agent.
Your offer may include:
Once the seller reviews your offer, they may accept your offer as is, reject it, or make a counteroffer. It's very common for buyers and sellers to negotiate on terms before reaching an agreement.
Once both parties sign the purchase agreement, you're officially under contract.
Although it may be tempting to skip this step, we advise you to take the time to have an inspection. A home inspection gives you a better understanding of the home's condition before you complete the purchase, so that you do not run into surprises after you move in.
During the inspection, a licensed home inspector evaluates major systems and components, including:
If the inspection uncovers issues, you may be able to negotiate repairs, request a credit, or in some cases, decide not to move forward if your contract includes an inspection contingency.
Once you're under contract, your lender starts the underwriting process.
Underwriting is when the lender conducts a final, detailed review of your finances and the property to ensure the loan meets all requirements.
During this stage, your lender may:
It's important to avoid making major financial changes during this time.
Between pre-approval and closing:
Small financial changes during underwriting can affect your final loan approval.
Did you know? Eligible New Hampshire homebuyers may qualify for up to $15,000 in down payment and closing cost assistance through New Hampshire Housing mortgage programs. Ask your lender whether you qualify.
Your lender will order a professional appraisal to determine the home's market value.
The appraisal helps ensure the home's value supports the purchase price and protects both you and the lender.
If the appraisal comes in lower than the agreed purchase price, your lender and real estate agent will explain your options, which may include renegotiating the purchase price or covering the difference.
As your closing date approaches, you'll receive a Closing Disclosure document outlining your final loan terms, monthly payment, and closing costs.
Review this document carefully and ask questions if anything is unclear.
Before closing, you'll also:
Finally, the last step in the process is closing on your new home. This is when everything comes together.
You'll sign your mortgage documents, pay any remaining closing costs, and officially become a homeowner.
Once all paperwork is completed and the transaction is finalized, you'll receive the keys to your new home.
Congratulations!
The weeks between pre-approval and closing can feel busy, but a few simple habits can help everything stay on track.
Buying a home is one of the biggest financial decisions you'll make, and having a trusted team can make the experience much less stressful.
Whether you're just beginning your home search or getting ready to close, New Hampshire Housing offers resources designed to help you navigate every step of the homebuying journey.
From homebuyer education courses to downpayment assistance programs and participating lenders, we're committed to helping New Hampshire residents become successful homeowners.
If you've already been pre-approved, you're well on your way. Understanding what comes next can help you move through the process with confidence and get one step closer to opening the door to your new home.
Explore New Hampshire Housing's homebuyer resources, connect with a participating lender, and continue your journey toward homeownership with confidence.