What is the first step Percy should take to start searching for his dream house?

The first step Percy should take in searching for his dream house is to obtain a pre-qualification letter. This document is crucial as it gives him an idea of how much he can afford and helps him understand his budget when looking for properties. It also signals to sellers that he is a serious buyer with financial backing, enhancing his credibility in the competitive real estate market.

Obtaining a pre-qualification letter involves providing preliminary financial information to a lender, who will then assess his financial situation and estimate the loan amount for which he may qualify. This step secures a clearer picture of available financing options and price ranges, allowing Percy to narrow his search effectively.

By starting with this step, Percy can make informed decisions as he progresses in the home-buying process, leading to more successful negotiations and an overall smoother transaction.