(WDRB/InvestigateTV) — High prices, high interest rates and stiff competition are making homeownership a challenge for many buyers — but a consumer lending expert says the right financial preparation can make a significant difference.
Matt Vernon, head of consumer lending at Bank of America, said prospective buyers should start early and focus on building a strong financial foundation before entering the market.
Vernon said the first step is understanding what homeownership actually involves — from the mortgage process to the type of home and location that fits a buyer’s goals.
"That starts from an education perspective," Vernon said. "Do your research online or with a mortgage professional, a real estate agent, on your hopes and dreams and what you want to achieve and where you want to live and what school systems and what type of home. Understand the mortgage process and everything that comes with it."
Online calculators can also help prospective buyers understand how equity works and what they can realistically afford, Vernon said.
A solid credit score is one of the most important factors a lender evaluates, Vernon said, because it directly affects the interest rate a buyer qualifies for.
"It’s really important to ensure that as part of that preparation that you’re building a solid base to be evaluated by a lender — and that’s things like ensuring you’ve got your credit in order," Vernon said. "A good credit score helps from a rate perspective, so that affordability question actually comes into play."
Beyond credit, Vernon said buyers should build savings that extend beyond what is needed at closing. Having a rainy-day fund in place after purchasing a home is an important financial cushion.
Down payment assistance programs, grants, closing cost support and low-down payment mortgages may all be available to eligible buyers, Vernon said. Researching those options early can open doors that buyers may not know exist.
Copyright 2026 Gray Media Group, Inc. All Rights Reserved.
