After securing a home loan approval, borrowers must prioritize finalizing the purchase, securing insurance, and establishing a financial plan. First, review the loan terms and closing documents to confirm accuracy. Second, arrange home insurance and property taxes before closing. Third, set aside 3-6 months of emergency savings and budget for moving expenses, maintenance, and potential rate adjustments. Finally, contact the mortgage servicer to confirm payment details and avoid default risks.

Post-approval steps are critical to avoid financial setbacks. According to the U.S. Department of Housing and Urban Development (HUD), 20% of homebuyers face delays or cancellations during closing due to unresolved documentation or insufficient savings. For example, Fannie Mae data shows that 35% of loan defaults occur within the first year, often linked to unexpected expenses or poor budgeting. Securing insurance and taxes ensures compliance with lender requirements and mitigates risk of foreclosure. Budgeting for maintenance (averaging $500-$1,000 monthly according to the National Association of Home Builders) and emergency funds aligns with HUD’s recommendation to avoid debt accumulation. Proactive communication with the mortgage servicer reduces errors, as 15% of closing issues in 2022 stemmed from misaligned payment schedules (Federal Housing Finance Agency). These steps collectively lower default risks and ensure long-term financial stability.