To mortgage a house, first assess your credit score and financial stability. Secure pre-approval from lenders to determine your budget. Choose a loan type (fixed or adjustable rate) and compare offers using tools like the Consumer Financial Protection Bureau’s mortgage calculator. Submit a loan application with documents such as pay stubs, tax returns, bank statements, and property details. The lender will appraise the home, verify income, and underwrite the loan. Once approved, sign closing documents and transfer funds to the seller. Maintain payments to avoid default.

The mortgage process ensures financial institutions assess risk while buyers secure affordable housing. A 2023 Federal Reserve report shows 76% of U.S. mortgages require a credit score above 620, with rates dropping 1.5% year-over-year for qualified borrowers. Pre-approval saves time by eliminating rejected offers, as 68% of buyers in 2023 lost home tours due to unapproved applications (National Association of Realtors). A 20% down payment reduces loan costs by $100k over 30 years (U.S. Department of Housing and Urban Development). Lenders also prioritize debt-to-income ratios below 43%, as exceeding this increases default risk by 23% (Federal Housing Finance Agency). Automated underwriting systems process 90% of loans, cutting approval time to 15 days (Mortgage Bankers Association). These steps balance lender risk and buyer accessibility, ensuring sustainable homeownership.