To secure a mortgage for home purchase, follow these steps: improve your credit score (ideally 620+), save for a down payment (3-20% of the loan amount), maintain a stable income, and get pre-approved. Choose a mortgage type (e.g., conventional, FHA, VA) based on your financial situation, and compare rates from multiple lenders.

Securing a mortgage requires meeting lenders' criteria to minimize risk. A higher credit score reduces interest rates; for example, a FICO score of 740+ typically qualifies for the best rates, while scores below 620 may be denied. A 20% down payment avoids private mortgage insurance (PMI), saving thousands annually. Lenders prefer debt-to-income (DTI) ratios below 43%, as exceeding this can lead to rejection. Pre-approval increases buying power and speeds up the process, with 72% of homebuyers who get pre-approved secure financing within 30 days (National Association of Realtors, 2023). FHA loans require only 3.5% down but demand a 580+ credit score, while VA loans offer 0% down for veterans. Comparing rates from at least three lenders ensures cost efficiency, as average mortgage rates vary by 0.5-1% between lenders (Federal Housing Finance Agency, 2023).