When a bank approves a mortgage, the borrower should first review the terms, conditions, and loan details to ensure accuracy. Next, they must complete any remaining paperwork, such as a final appraisal, title search, or insurance requirements. The borrower should also confirm the closing timeline and coordinate with the real estate agent or closing attorney. Finally, they must prepare for the closing by bringing the required funds and documents. Missing these steps can delay the transaction or even jeopardize the approval.

The mortgage approval process is a critical phase where lenders verify the borrower’s financial stability and property eligibility. Post-approval, borrowers must finalize due diligence to ensure the property meets lending standards and the loan aligns with their financial goals. According to the National Association of Realtors (NAR), 30% of mortgage applications fail at the underwriting stage due to incomplete documentation or property issues, underscoring the need for meticulous preparation. Additionally, data from the Federal Housing Finance Agency (FHFA) shows that 20% of approved loans require additional documentation before closing, often leading to delays if unresolved. Proactive steps like final appraisals and title searches mitigate risks, as 15% of delayed closings in 2023 were attributed to appraisal discrepancies, per CoreLogic. Thus, closing preparation ensures compliance, minimizes errors, and secures the transaction efficiently.