Financing a Home

Buying a home is the single biggest purchase the average person makes in their entire lives. Sure, there are folks who have a condo and own a 200-foot yacht, but we're not talking about them. We're talking about you.

A three-bedroom, two-bathroom home valued at $200,000 is a pretty typical starter home. If Mr. and Mrs. Average finance about 90% of it ($180,000) – depending on the interest rate they got – they're likely paying less than $1,200 a month, including principal, interest, taxes and insurance.

According to AptsUtah.com, rent in Utah ranges from $640 per month in Logan all the way to $1,451 in South Jordan. Those are apartments people. Meaning they start with one bedroom and one bathroom, and if you're lucky, they only share two or three walls. (I lived in an apartment once where I shared five, including the ceiling and floor.)

Plus, all that rent money is just going in your landlord's pocket. When you own a home, paying your mortgage means you're building equity. That's a fancy way of saying: Money in the bank! Plus, no sharing walls. You can play your Milli Vanilli all night long and only the dogs will mind.

One more thing: there are mortgage options available to people with wages starting at $12 an hour. There are grant programs available to help you with your down payment and closing costs, too. Cool, right? Buying your first place seems a little closer already, doesn't it.