After receiving mortgage approval, the borrower must finalize preparations for closing. Key actions include securing a rate lock if not already done, scheduling a home inspection, confirming down payment funds, reviewing closing documents, and avoiding major financial changes. Timely coordination with the lender and real estate agent ensures a smooth transaction.

Post-approval steps are critical to avoid delays or cancellation. Rate locks (typically 30-60 days) stabilize borrowing costs, with 68% of borrowers securing locks within this window to hedge against rate fluctuations (Federal Reserve, 2023). Home inspections identify 12-15% of property issues, preventing post-closing disputes (National Association of Home Inspectors, 2022). Confirming sufficient funds in escrow accounts (average $8,000 for U.S. home purchases) prevents default risks, as 5.2% of mortgages default post-closing due to funding shortfalls (Consumer Financial Protection Bureau, 2023). Reviewing closing documents (e.g., Loan Estimate, Closing Disclosure) reduces errors; the CFPB reports 23% of closing errors involve misaligned terms between pre- and post-approval documents. Avoiding large purchases (e.g., new cars, credit card debt) maintains debt-to-income ratios, as 14% of mortgage rejections occur due to post-approval financial changes (U.S. Bank, 2023). Proactive preparation mitigates risks and ensures successful closing, with 89% of approved mortgages closing on time when following these steps (Mortgage Bankers Association, 2023).