The recent housing market roller-coaster ride has caused some people to be leery of buying a house. Even without the ups and downs of the market, the process can be daunting. For most students, the prospect of buying a house may seem far away, but some have thought about it.

“I’ve looked into it because I’m graduating soon,” said Katherine Stearns, senior in performing arts.

Matthew Jacobsen, junior in pre-business, said he has thought a little bit about buying a house in the future.

“I think most people know they want to be a homeowner someday, but they have no idea what goes into it,” Jacobsen said.

Students who plan on buying a home in the future can avoid many mistakes by educating themselves about the process now.

“It’s the most expensive thing most families will ever buy, so it’s important to do it right,” said Mary Yearns, professor of human development and family studies.

It is becoming more common for lenders and real estate agents to require clients to take a home owner education course. One of these courses is available through the ISU Extension office.

Yearns is the instructor of an online course called “A Place of Your Own,” which debuted in June. The fee for the course is $45. The content of the course is presented through a series of narrated slideshow. Once enrolled, individuals can complete the five lessons via the Internet at their own pace. The lessons each address different topics related to homeownership.

The course helps people decide if they are ready to buy a house, Yearns said. She said people should get a free credit report. They should examine how much debt they have and then decide if having a monthly mortgage payment is feasible.

The course also guides potential homeowners through the process of searching for a home and a mortgage that will suit them best.

Once a homeowner finds a house, the paperwork begins. A portion of the course explains the paperwork for closing on a house.

“It gives you an idea of some of the costs involved,” Yearns said. These costs include appraisals, title searches and attorney fees.

Hiring an attorney to look over the paperwork is a precautionary measure. It may cost several hundred dollars in fees, but it could save the buyer investment thousands if there is a problem, Yearns said.

Ron Murphy, a broker-manager with Friedrich Iowa Realty, 100 Sixth St., said buyers must also be prepared to hire a home inspector to address any potential problems. If problems are found, the offer for the house is re-negotiated. Murphy said a Realtor can help buyers find a good home inspector.

But the process doesn’t end once the paperwork is signed and the house keys are in the hands of the new homeowners. Part of being a successful homeowner includes knowing how to budget for upgrades and knowing when to refinance a mortgage.

Students who want to prepare for homeownership can take advantage of “A Place of Your Own” and the other resources available through the ISU Extension office’s Web site, www.extension.iastate.edu.