To secure a bank mortgage loan, follow these steps: 1) Check and improve your credit score (target 620+); 2) Save for a down payment (20% recommended for conventional loans); 3) Gather documents (pay stubs, tax returns, bank statements); 4) Get pre-approved; 5) Compare loan terms; 6) Submit a formal application. Lenders prioritize borrowers with stable income, low debt-to-income ratios (DTI <43%), and strong credit histories. Pre-approval strengthens offers in competitive markets.

The process prioritizes creditworthiness because 83% of lenders require a credit score of 620+ for mortgage approval, according to the Consumer Financial Protection Bureau (2023). A higher score reduces interest rates: borrowers with scores 780+ pay 0.5-1.0% less than those with scores 620-639, per Fannie Mae data. Down payments affect loan type: 20% avoids private mortgage insurance (PMI), saving $50-$100/month on average. Pre-approval applications are 3x more likely to close successfully than non-pre-approved applications, per mortgage software provider Black Knight (2023). Document readiness speeds underwriting: 60% of loans processed in 15-30 days originate from pre-verified applicants. Lenders also favor DTI ratios below 43% because borrowers with DTI >50% are 2.3x more likely to default, according to the Federal Reserve (2022). These factors collectively determine loan approval rates and terms.