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Get a referral for a lender or mortgage broker from a friend, relative, co-worker or real estate broker.
Provide the following information: gross monthly income and total monthly payments (car payments, minimum monthly payments on credit cards, child support payments and all payments you have to make every month).
Get your "ratios." You or your lender can add all your debts together and compare that number to your income to arrive at your total debt-to-income ratio. Your percentage should be under 36 for the best interest rate. The lower the number, the better.
Give your lender authorization to pull your credit report. The report should include a FICO score, which is the credit scoring system most widely used by lenders. (A credit score is a system of calculating the risk of lending to you based on several factors, including how long you've been at your present job, your occupation, how long you've been at your present address, the ratio of your balances to your available credit lines, whether you are a home owner, the number of recent inquiries into your credit, your age, the number of credit lines you have, the years you have had a credit in the credit bureau database, and such derogatory items as bankruptcy, collections against you, foreclosures and slow pays.) A FICO score of 680 or better is considered "A+" (excellent), and with good ratios and other positive factors should get you the best interest rates available.
Have a lender prepare a letter of prequalification for you. The letter should state that your initial financial and credit information has been reviewed and looks good, though it will also state that the letter is not a guarantee of a loan.