To secure a mortgage for a second-hand home, follow these steps: 1) Check your credit score and address any issues to qualify for favorable terms. 2) Obtain pre-approval from a lender to strengthen offers. 3) Conduct a home inspection to identify repairs needed for loan approval. 4) Submit a mortgage application with financial documents (pay stubs, tax returns, bank statements). 5) Undergo underwriting, where lenders verify income, assets, and property value. 6) Close the loan after final approval and signing of closing documents.

This process ensures compliance with lending standards while minimizing delays. A FICO score above 740 typically secures the best interest rates, as lower scores (below 620) face higher denial risks (Consumer Financial Protection Bureau, 2023). Pre-approval saves buyers 30% in time spent on offers, per LendingTree data (2022). Underwriting denials occur in 20% of applications due to incomplete documentation or unstable income (National Association of Realtors, 2023). Property inspections prevent 15% of purchase failures by uncovering hidden defects (American Society of Home Inspectors, 2023). Closing costs average $4,800 to $9,000 (2-5% of loan value), with origination fees and appraisal fees being primary contributors (Federal Reserve, 2023). These steps align with industry best practices to ensure smooth transactions.