Trish and Scott

Trish and Scott are a young couple with two children. Their combined income is $75,000 per year, both have stable careers. Trish and Scott have agreed that a friendly neighborhood, good schooling, and house with four bedrooms are important. They currently have $30,000 for a down payment with the previous mortgage paid off.

Non-traditional Purchase Condo Cherry Wood Gated Community 1120 Cayon Rd Apt 40 Ogden, UT $115,000 5 Bedrooms, 2 Bathrooms 1,878 sqft Built in 1979

Good Location Friendly Community Security Low maintenance Large spacious rooms, pool, and sport areas. Monthly maintenance fees Less privacy Clustered together Limited parking Rules Long distance ProsCons

Apartment 3 bedrooms 2 full baths 1,195 Sq. Ft. Rent: $1, Application Fee: $25.00 Security Deposit: $ W Lacey Ln Riverton, UT $1,020/month

Needs vs Wants Reliability Safety Privacy Friendly neighborhood Close proximity to schools Similar sized home (3 bed, 2 bath,.5 acre lot) Pros Cons

Pros Safe neighborhood Good schools Low maintenance repairs Cons Not close to stores Can’t remodel to fit their taste. Not too many choices of apartments.

Dream House Housing Options 1742 N. Earnshaw Ln. SLC, UT $199,999 Monthly Payment:$ bed, 2.5 bath 2067 sqft Built in 2000

Pros fits it their needs Affordable Near parks, food and shopping, and a hospital Near a highway Cons Near busy streets Small Older, may be renovation costs Not as neighbor friendly

Bare Minimum 2027 S. Douglas St. SLC, UT $165,400 Monthly payment:$985 2 beds, 1bath 1003 sqft Built 1936

Pros Culvasac, close to neighbors Newer, no renovation cost Lots of room Off of a main road In a convenient area, near lots of shops Well maintained Cons A bit out of date, remodeled in 2005 Possible safety issues Smaller than the old house Farther away from parks

Renting Vs. Buying Advantages More flexible-renting Less freedom and privacy-renting Disadvantages Long term commitment-buying Hard to get out of- buying More liability-buying Not enough space- renting

Initial Cost of Buying a Home Down Payment24750 Points0 Loan Origination Fee1200 Loan Application Fee300 Appraisal Fee300 Title Search Fee200 Title Insurance Fee500 Attorney’s Fee400 Recording Fee20 Credit Report50 Termite and Radon Inspection Fee 150 Notary Fee50 Total Initial Cost: 27,920

How much do you need for a 15% down payment? They need $30,000, which they currently have left over after paying off their mortgage The maximum mortgage they are likely to qualify for is $480,000 They should get a 15 year fixed mortgage

How long will it take to pay the home off? Monthly Payments  $1, Years Paid  15yrs Paid Interest  $390,415/ 48, Income into Mortgage  $70,000

House Brought 6675 S 3300 W. St, West Jordan, UT $165,000 5 bedrooms, 2 bathrooms Built in 1917

Pros and Cons

Trish and Scott are likely to stay at this house until their kids graduate from high school. Later on, they can look to buy a home in a different location.