After securing mortgage approval, borrowers must finalize preparations for closing. Key actions include confirming the interest rate lock, completing document submissions, scheduling a home inspection, negotiating closing costs, and conducting a final walkthrough. These steps ensure compliance with lender requirements and mitigate risks of delays or rejection.

The post-approval phase is critical because mortgage approval is conditional. Lenders may revoke approval if underwriting criteria shift or documentation gaps emerge. For instance, 12% of U.S. homebuyers face delays due to incomplete paperwork post-approval (Federal Housing Finance Agency, 2022). Rate locks, typically lasting 30-60 days, prevent market-driven rate increases, saving an average of $5,000 annually for conforming loans (National Association of Realtors, 2023). Home inspections identify 3.5% of properties with major defects requiring $15,000+ repairs, avoiding future financial losses (Home Inspector Association, 2023). Closing costs, averaging 2-5% of the loan amount, are often negotiable, with 68% of borrowers successfully reducing fees through lender competition (Consumer Financial Protection Bureau, 2023). Final walkthroughs reveal 22% of homes with unresolved issues, such as plumbing leaks or electrical faults, before closing (, 2023). Proactive steps reduce closing risks by 40% and expedite transactions by 7-10 days, according to Fannie Mae’s 2023 Closing Efficiency Report. Neglecting these steps can lead to 15-20% higher costs or deal termination, underscoring the need for meticulous execution post-approval.