To obtain a housing mortgage contract, follow these steps: First, assess your credit score and financial stability. A minimum score of 620-680 is typically required, though higher scores secure better terms. Second, compare lenders using online platforms or brokers to identify competitive interest rates and loan types (e.g., fixed-rate vs. adjustable-rate). Third, submit a mortgage application with documentation such as pay stubs, tax returns, bank statements, and property details. Fourth, undergo underwriting, where lenders verify income, assets, and property value. Fifth, receive a loan estimate and closing disclosure, then sign the final mortgage contract at the closing ceremony.

The process hinges on meeting strict financial criteria and navigating complex regulations. According to the Consumer Financial Protection Bureau (CFPB), 20% of mortgage applications were denied in 2022, primarily due to insufficient credit scores or unstable income. Lenders like Fannie Mae and Freddie Mac require a debt-to-income ratio below 43%, while conforming loan limits vary by county (e.g., $766,550 in 2024 for most areas). Pre-approval from a lender increases offer acceptance chances by 50%, per the National Association of Realtors (NAR). Additionally, the Federal Reserve’s 2023 Survey of Consumer Finances found that 68% of first-time buyers relied on mortgage pre-approval to secure financing. These statistics underscore the importance of thorough preparation and lender selection to avoid delays or denials.