A property's selling price is $96,000, and it requires a loan origination fee of 1.5% on the loan amount. What is the first step a buyer should take?

The first step a buyer should take is to calculate the required down payment. This is crucial because the down payment directly impacts the loan amount needed for the property purchase. The buyer needs to understand how much of their own funds they will be contributing upfront before approaching the specifics of any fees, such as the origination fee, or determining precise financing needs.

Calculating the down payment typically involves knowing the percentage required by the lender or the buyer's preference, which can vary depending on loan types and individual financial circumstances. Once the down payment is determined, the buyer can then accurately assess the remaining amount that will need to be financed through a loan, which is essential for understanding how to navigate the loan origination fee and overall purchase process.