To mortgage a house, first assess your credit score and debt-to-income ratio. Secure pre-approval from lenders to determine affordability and strengthen your offer. Compare loan types (fixed-rate, adjustable-rate) and interest rates. Submit a purchase offer with a mortgage contingency clause. During underwriting, provide proof of income, assets, and property appraisal. Close the loan by signing final documents and paying closing costs.

The mortgage process hinges on creditworthiness and affordability. A credit score above 740 typically secures the lowest rates, while scores below 620 may result in denial or high fees. Lenders cap debt-to-income ratios at 43% for conforming loans (Fannie Mae, 2023), ensuring borrowers can manage payments. Pre-approval increases offer acceptance by 50% (National Association of Realtors, 2022), as sellers favor pre-qualified buyers. Fixed-rate mortgages offer stability, with average rates at 6.8-7.3% in 2023 (Freddie Mac), while adjustable-rate mortgages start lower but risk future rate hikes. A 20% down payment minimizes mortgage insurance, but 3%-5% down options exist with higher rates. Closing costs average $5,000-$8,000 (Bankrate, 2023), varying by location and loan type. These factors collectively determine loan terms, monthly payments, and long-term costs, making thorough preparation critical for success.