: Never drain your entire savings for a down payment. Experts from City National Bank suggest keeping 3 to 6 months of living expenses in reserve after closing to handle unexpected repairs.

: While 20% avoids private mortgage insurance (PMI), many buyers qualify for loans with as little as 3% or 3.5% down.

: Once under contract, do not open new credit cards, take out car loans, or make large purchases. These actions can change your debt-to-income ratio and cause your mortgage approval to be rescinded. Common Mistakes to Avoid