When bank mortgage approval is granted, the borrower should first formally accept the terms and confirm the loan details. Next, ensure all required documentation is submitted to finalize underwriting. Schedule a property appraisal and home inspection to validate the property’s value and condition. Review the final loan estimate to confirm closing costs, interest rates, and payment terms. Additionally, prepare for the closing process by coordinating with the title company, confirming down payment funds, and verifying employment and asset documentation. Finally, attend the closing meeting to sign all final paperwork and transfer ownership.

Post-approval steps are critical to avoid delays or denials. First, formalizing acceptance locks in the rate and terms, which can change if delayed (Fannie Mae, 2023). Second, underwriting requires final verification to confirm income stability and debt obligations. A 2023 report by the Mortgage Bankers Association found 12% of loans approved initially are denied at underwriting due to missing documents or changed financials. Third, property appraisals and inspections prevent future disputes; 8% of mortgage closings fail due to appraisal issues (National Association of Realtors, 2022). Fourth, reviewing closing costs—averaging $5,000 to $8,000 per loan (U.S. Department of Housing and Urban Development, 2023)—ensures transparency and avoids surprises. Fifth, confirming down payment and closing funds prevents last-minute issues, as 6% of closings are delayed due to insufficient funds (Federal Housing Finance Agency, 2023). Proactive preparation mitigates risks and ensures a smooth transaction.