(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.