Share: First-time homebuyers represent roughly one-third of all buyers in today's housing market, and many often underestimate what needs to be done to prepare for their last rent payment and first mortgage bill. For the benefit of those making their first foray into property acquisition, Benzinga offers this five-step guide to understanding the homebuying process. Step One: Can You Afford This? Let’s get the unpleasant truth out of the way first: buying a home is an extremely labor-intensive pursuit that requires buyers to be in the proper financial state. To determine one’s readiness, here are some criteria that need to be addressed: