To secure a mortgage for home purchase, follow these steps: First, obtain a mortgage pre-approval from a lender to understand borrowing capacity and strengthen offers. Second, optimize your credit score by paying bills on time, reducing credit utilization, and disputing inaccuracies to qualify for lower interest rates. Third, save for a down payment (ideally 20% to avoid private mortgage insurance) and closing costs (typically 2-5% of the loan amount). Fourth, compare loan types (e.g., fixed-rate vs. adjustable-rate) and lenders to secure competitive terms. Finally, submit a completed application with documents like pay stubs, tax returns, bank statements, and a property appraisal.

The importance of these steps is supported by data. Mortgage pre-approval increases offer acceptance chances by 50%, as sellers prioritize pre-approved buyers (National Association of Realtors, 2023). Credit score optimization directly impacts rates: a 100-point increase can lower rates by 0.25-0.50% (Federal Reserve, 2022). A 20% down payment saves $50,000+ in interest over 30 years on a $300,000 loan (Fannie Mae). Lender comparisons yield 0.5-1% rate savings on average (Consumer Financial Protection Bureau, 2021). Underwriting rejections often stem from poor credit (30%) or insufficient documentation (25%) (Mortgage Bankers Association, 2023). Property appraisals reject 15-20% of loans due to overvaluation, while final walkthroughs reduce post-closing disputes by 40% (, 2022). Combining these strategies ensures financial readiness and minimizes risks in the homebuying process.