To secure a home loan, first improve your credit score by paying bills on time and reducing debt. Save for a down payment of at least 20% to avoid private mortgage insurance (PMI). Secure stable employment and document income with pay stubs and tax returns. Shop around for lenders to compare interest rates and loan terms, and consider fixed-rate loans for predictability.

Securing a home loan requires strategic financial planning and lender trust. A FICO score above 760 typically secures the lowest mortgage rates, while scores below 620 often face denials or higher costs (Federal Reserve, 2023). A 20% down payment minimizes PMI, which averages $50–$150 monthly for conforming loans (Consumer Financial Protection Bureau, 2022). Lenders prioritize stable income; those earning $50,000–$100,000 annually have a 68% approval rate versus 42% for incomes below $30,000 (U.S. Census Bureau, 2023). Shopping lenders can save up to 0.5% on rates, as top lenders offer rates 0.25% lower than average (Bankrate, 2023). Fixed-rate loans account for 80% of purchases due to their stability, while adjustable-rate loans rise 1.2% annually post-lock (Mortgage Bankers Association, 2023). VA loans require no down payment, aiding 22% of veterans (U.S. Department of Veterans Affairs, 2023). These factors collectively reduce borrowing costs and approval risks.