Dreaming of homeownership this year? It's time to turn those dreams into a reality with a solid financial plan.

How to Financially Prepare to Buy a Home: Seven simple steps to take this year. Here's your ultimate roadmap:

1. Review Your Credit History & Improve Your Credit Score - Start by getting a full picture of your credit health and identifying any areas for improvement to boost your score.

2. Research the Total Cost of Homeownership - Beyond the purchase price, understand all associated costs such as property taxes, insurance, maintenance, and utilities.

3. Establish Your Budget and Start Saving - Determine how much you can afford monthly and start setting aside funds for a down payment and other upfront costs.

4. Research Loan Programs - Explore various mortgage options to find one that suits your financial situation best, including any government-backed loans you might qualify for.

5. Find a Lender and Get Preapproved - Preapproval can give you a competitive edge when house hunting, showing sellers you're a serious and prepared buyer.

6. Research Homes in Your Budget - Stick to viewing homes that align with your budget to avoid falling in love with a property you can’t afford.

7. Have Your Earnest Money Ready - This deposit demonstrates your commitment when making an offer, potentially making your bid more appealing to sellers.

Embark on your journey to homeownership with these practical steps to secure your financial foundation. Whether you're a first-time buyer or looking to re-enter the market, preparation is your key to success.