Purpose of Unit 3

1. To be able to identify the basic vocabulary and concepts necessary to shop for a mortgage loan.

2. To understand how to compare mortgage loan terms, apply for a loan, and complete the closing on a new home.

Warm-up
1. Ask students to look at the picture on page this page. Use the questions listed on the next page to introduce the topics to be covered in Unit 3.

Extension activity
1. Ask students to predict why it is important to shop around for a mortgage loan, even if the process is complicated and time-consuming. Explain that, over time, even a small
difference in loan terms can add up to large savings.

2. Ask students to predict the steps that are taken after a loan has been approved. This will be covered in Lesson 2.

Note: The material in Lessons 1 and 2 cover many technical details that may be of less interest to students who are not actually ready to buy a house. Use your judgment to decide whether these lessons are appropriate for discussion in your class or are better suited for individual study by those students close to buying a home.