1. Start with a cold look at your finances and fill out a net-worth worksheet.

2. Eliminate as much of your high-interest debt as possible before you talk to any lender.

3. Set up a schedule to check your three credit reports every year for accuracy.

4. Learn your credit score and how to improve it.

5. Study your local real estate market and get a sense of pricing and overall living and maintenance costs because a mortgage is only part of a home's expenses.

6. Get friendly with your computer — go online to learn about mortgages, government programs, real estate agents, and properties. Be informed before you start talking to people.

7. If you've filed for bankruptcy, be circumspect about your credit going forward and start identifying lenders that can give you the fairest deal when you're ready to buy.

8. If you're a first-time homebuyer, make sure you know loan programs and other advantages for people in your situation.

9. Know that buying investment property can mean significantly different financing conditions than those that exist for buying your own home.

10. Make sure you have a quality team of experts in place to advise you on your personal finances and real estate laws before you're ready to borrow.