After securing mortgage approval, the borrower must immediately lock the interest rate if not already done, review and accept the final loan terms, and prepare for closing. Key actions include finalizing closing costs, scheduling a home inspection and pest control check, verifying employment and asset documentation, and conducting a pre-closing walk-through to ensure the property is in agreed condition. The borrower should also confirm the seller’s completion of required repairs and coordinate with the title company to ensure clear ownership.

Post-approval steps are critical to avoid delays or financial losses. First, rate-locking ensures stable borrowing costs, as market fluctuations can increase rates between approval and closing. Data from the Consumer Financial Protection Bureau (CFPB) shows that 20% of mortgage applications face rate increases post-approval, potentially raising monthly payments by 1-3%. Second, reviewing closing documents (e.g., the Loan Estimate and Closing Disclosure) is essential to detect discrepancies, as the CFPB reports 30% of closing issues stem from errors in these forms. Third, a final walk-through reduces risks of post-closing disputes, with the National Association of Realtors (NAR) noting that 15% of buyers encounter undisclosed property issues after closing. Additionally, securing closing costs—typically 2-5% of the loan amount—prematurely prevents budget overruns. delays in document preparation or rate locks can lead to approval revocation, as lenders may withdraw offers if market conditions change significantly. For example, during the 2022-2023 rate hike cycle, 12% of approved mortgages were canceled due to un锁able rates, per Fannie Mae data. Proactive coordination with lenders, real estate agents, and title companies ensures a smooth transition, minimizing financial and logistical risks. Ultimately, these steps mitigate approval reversal, reduce closing costs, and safeguard against post-closing disputes, ensuring a successful home purchase.