1. Apply What You've Learned - Buying a Residence Scenario: You are a single 30-year-old with a gross annual income of $41,500. You have been renting an apartment, but you are tired of the rules set by your landlord. You would like a place that you are free to fix up the way you want it. You are considering both condominiums and single-dwelling homes and are looking at the pros and cons of owning each type of housing. You would like to begin the home-buying process as soon as possible. You have $25,000 saved for a down payment, much of which was recently inherited from your late great aunt, and your family is willing to give you an additional $15,000. You are currently repaying a school loan, a car loan, and some credit card debt. Current interest rates with home lenders are averaging around 6.0% at this time. Owning a residence is often less expensive than renting a comparable property in the long term. Which of the following reasons may explain this phenomenon? Check all that apply. Renting often results in several additional expenses not normally associated with home ownership. Tax deductions for lease payments often partially offset the cost of housing. Tax deductions for mortgage interest and property taxes often partially offset the cost. The gain realized from the sale of a residence is tax-exempt income under certain conditions. The first step in the process of home buying is to: O Prepare for the closing O Get your finances in order O Agree to terms with a seller O Search for a home online and in person In order to get your finances in order, you should: Do all of these Estimate your expected monthly housing costs. Adjust your budget to fit the costs expected. Ensure that your credit bureau file is accurate