"It's important to be an educated and prepared borrower," Bank of America's Matthew Vernon told Business Insider. Having strong credit and getting prequalified are important to your homebuying process, he said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Home affordability is more than the mortgage payment. It's important to look into the true cost of homeownership for any home that you're interested in buying.

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