After mortgage approval, borrowers must lock the interest rate, review closing documents, maintain financial stability, and prepare for the closing. Locking the rate ensures no unexpected increases before closing. Reviewing documents like the Closing Disclosure (CD) to identify discrepancies prevents post-closing issues. Borrowers should avoid large purchases or changes to income to prevent rejection. Finally, scheduling the closing and obtaining homeowners insurance as required by the lender ensures a smooth transaction.

The steps are critical because errors in closing documents or financial changes can derail the process. For example, the Consumer Financial Protection Bureau (CFPB) reports that 20% of mortgage applications face delays due to document errors, often requiring re-approval. Locking rates is vital as 2023 data from Fannie Mae shows rates rose 1.5% in Q2, protecting borrowers from volatility. Maintaining financial stability is key because 15% of rejected loans post-approval involve sudden debt increases or income drops, per the Urban Institute. Closing preparation avoids delays; 2022 industry reports indicate 30% of closings face rescheduling due to unmet lender requirements. Homeowners insurance is mandatory for FHA loans (per HUD guidelines) and required by lenders to protect the property value. Proactive adherence to these steps minimizes risks and ensures timely homeownership.