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Unit 1: Do you
want to buy a home?
Lesson 2: Getting money to buy a
home
Usually, if you want to buy
a home, you must borrow money. This type of loan is called
a mortgage loan. The mortgage loan means you are
responsible for paying the lender back for the money you
borrowed. If you fail to repay the lender, the lender could
take possession of your house and sell it. The company or
bank that makes the loan is called the mortgage lender.
The mortgage lender must decide if you will be able to repay
your loan. The mortgage lender must have information about
you to decide if you will be able to repay the loan.
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The mortgage lender
will ask:
1. Have you been working
for two years or more?
2. Do you pay your
bills on time each month?
3. Have you saved money
for a down payment?
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