To secure a mortgage in the United States, follow these steps: 1) Check and improve your credit score (target 620+ for conventional loans); 2) Save for a down payment (3.5%-20% of the loan amount); 3) Compare mortgage rates from multiple lenders; 4) Obtain pre-approval; 5) Submit a formal application with income verification (pay stubs, tax returns, W-2s); 6) Undergo a home appraisal and inspection; 7) Close the loan with a verified title company.

The process prioritizes credit health because lenders use credit scores to assess default risk. A 2023 Federal Reserve study found that borrowers with scores above 740 pay 0.25%-0.50% less in interest compared to those with scores below 620. Down payments directly impact loan terms: 20% down eliminates private mortgage insurance (PMI), saving $50-$100 monthly on a $300,000 loan. Pre-approval increases offer acceptance odds by 50% (Zillow, 2022), as sellers prefer serious buyers. Underwriting typically takes 30-60 days, with delays occurring in 15% of cases due to document errors (CoreLogic, 2023). Average closing costs amount to $5,000 (ClosingCorp, 2023), but this varies by state and loan type. Lenders also verify employment stability, with 80% requiring proof of income for at least two years. These steps ensure financial readiness while minimizing risks for both borrowers and lenders.