Mary and John have been married for 3 years and both have full time positions in Columbus, Ohio. They are thinking about having children in the next few years, but would like to buy a house before having kids.
Should Mary and John buy a house in next year? Write a paper justifying your answer using all of the appropriate tools we have learned up to this point.
Here is some basic information on their financial situation:
Their combined household income is $78,000.
They have $13,000 in student loans.
They currently have a $375 monthly payment on their auto loan and have 39 months of payments left.
They have saved up $9500 that they planned to use as a down payment, but may be able to borrow more from Mary's father.
Mary has a credit score of 740 and John has a score of 690.
You will also need to find out some basic information on the cost of living in Columbus, Ohio; House costs in the area and current mortgage rates. Here are few links to get you started, but it would be beneficial to do your own research as well.