Personal Finances

• Not everyone qualifies for a mortgage loan. Lenders impose strict debt ratios, and they will not approve a mortgage if you're unemployed or if the mortgage payment exceeds 30 percent of your income.
  
  

Credit History

• Fixing your credit and improving your score (paying bills on time and reducing debt) beforehand helps you secure a mortgage. A score in the 700s places you in the "prime" range, wherein you'll qualify for better loan rates.
  
  

Loan Products

• Different loan products are available to home buyers, such as a fixed-rate mortgage or an adjustable rate mortgage. Borrowers can also choose between a traditional 30-year mortgage or a shorter term (15- or 20-year loan) to pay off the debt faster.
  
  

Upfront Fees

• Planning ahead and having money in the bank helps speed the mortgage process. Buying a home is costly, and you'll need money for a deposit, application fee, appraisal fee, inspection fee and closing costs. Fees vary, but expect to pay at least 6 percent of the sale price in closing fees.
  
  

Comparison Shopping

• Explore all your options and use a broker to get quotes from at least three different mortgage lenders.