You Got Preapproved. What’s Next?

Getting preapproved for a mortgage is an exciting moment. It shows sellers you’re serious and gives you a clear picture of what you can afford. But while preapproval is a powerful tool, it’s just the beginning of your path to homeownership. At First Union Home Finance, we want to make sure you know exactly what comes next. Here’s your step-by-step guide to turning preapproval into a successful home purchase.

Refine Your Budget

Your preapproval gives you a maximum loan amount, but your comfort zone might be lower. Think through your current monthly expenses and how homeownership could impact your lifestyle. Don’t forget about future costs like home maintenance, property taxes, homeowners insurance, and even things like HOA fees or upgrades. Choose a price range that lets you enjoy your new home without financial stress. Curious how much home you can afford? Use our free online mortgage calculator to take the guesswork out of budgeting for your home.

Team Up with a Real Estate Agent

Now’s the time to partner with a real estate professional who knows the local market and understands your needs. A good agent will help you find homes that match your budget and preferences, schedule tours, submit offers, and negotiate on your behalf. Ask around, read reviews, and interview a few agents before choosing one who’s a great fit.

Start Touring Homes

This is the fun part! With your agent’s help, start exploring properties in your target areas. Think about location, commute time, neighborhood vibe, and long-term value. Keep an open mind—you might be surprised by which home ends up feeling like “the one.” As you tour, take notes and pictures to help keep everything straight.

Submit an Offer

When you find a house you love, your agent will help you craft a competitive offer. Your preapproval letter makes your offer stronger, showing sellers you’re financially prepared. Depending on the market, you may be able to negotiate—or you might need to move fast. Be ready to include earnest money, which tells the seller you’re serious about the purchase.

Schedule an Inspection

If your offer is accepted, the next step is a home inspection. This gives you a clear understanding of the property’s condition and alerts you to any hidden issues. A professional inspector will check the structure, electrical, plumbing, HVAC, roof, and more. If problems come up, you can negotiate repairs or walk away if needed.

Complete the Mortgage Process

Now it’s time to move from preapproval to full approval. You’ll submit updated financial documents and choose your loan terms. Your First Union Home Finance loan officer will guide you through every step—answering questions, helping you lock in your interest rate, and keeping your timeline on track.

Appraise the Property

To protect both you and your lender, an appraisal is ordered to verify the home’s value. If the home appraises at or above the sale price, great! If it comes in low, you may need to renegotiate or cover the difference. Your agent and loan officer can help you explore your options.

Prepare for the Big Day: Closing

A few days before closing, you’ll receive a Closing Disclosure with all the final numbers—loan terms, payments, and costs. Review this carefully, and ask questions if anything seems unclear. On closing day, you’ll sign your documents, pay any remaining fees, and finally—get your keys. Welcome home!

Let’s Take the Next Step Together

At First Union Home Finance, we believe buying a home should be exciting, not overwhelming. From preapproval to closing day, our team is here to guide you with expert advice and personalized service. If you’ve just been preapproved, reach out today to talk about your next move. Your future home is waiting, and we’re here to help you reach it.