There are two good rules to follow before you make any major purchase that will require a loan. First, it is tougher to qualify for the best rates if you're carrying a lot of revolving debt, such as credit card balances. Pay those down as much as possible. Second, make sure your credit report is free of blemishes that can damage your chances of borrowing.

It's wise to consider creating an emergency fund before you borrow. This might sound like a strange idea when you're checking under the couch cushions for extra money for your down payment. But building a reserve fund — and keeping it funded — is a good lifetime strategy. Even as you're paying off debt and making your credit report squeaky clean before you apply for a mortgage, try to find a few bucks a week to put into a separate emergency account you promise not to touch unless you lose your job or run into sudden, heavy expenses.

Financial planners recommend saving enough to cover two to six months of rent or mortgage, utilities, groceries, and other essential monthly bills. It's easier than you think. (For a start, you could try giving up half your weekly designer coffee purchases.) Then find a bank with a high-interest checking or savings account that will allow you to automatically transfer that extra money into a chosen interest-bearing account so you won't have to think about it. No, this advice doesn't have much to do with getting a mortgage, but it will certainly help you pay that mortgage if you run into money or job trouble later.