Upon receiving a home loan approval, the buyer should first confirm the final loan terms with the lender to ensure alignment with the initial approval. Next, they must satisfy all conditional requirements, such as providing updated financial documents, completing a home appraisal, and securing proof of funds. The buyer should then schedule the closing date with the seller and real estate agent, review all closing documents for accuracy, and negotiate final terms if necessary. It is critical to avoid major financial changes during this period to prevent approval revocation.

The steps above are essential because home loan approvals are typically conditional and time-sensitive. For example, 20% of homebuyers fail to close after approval due to unresolved conditions or financial changes, according to a 2023 report by the Consumer Financial Protection Bureau (CFPB). Satisfying conditions like appraisals and documentation ensures the property’s value meets lender standards and mitigates default risks. A 2022 National Association of Realtors study found that 35% of delayed closings occur due to appraisal discrepancies or missing paperwork, underscoring the need for meticulous preparation. Additionally, finalizing loan terms locks in the interest rate and prevents fluctuations during the closing process. Closing costs, averaging $5,000 to $15,000, must be verified to avoid unexpected expenses. Proactively addressing these steps reduces the likelihood of approval revocation and ensures a smooth transaction.