Personal Finance 2007

Unit 2: Banking and Credit

Internet Projects

Your Own Home

Task 1: Get an overview of the home-buying process. (page 118)

You will study the home-buying process in depth in Chapter 7. To understand the big picture for this activity, start by listing the key steps in the process of buying a first home. Write a sentence or two about what you as a buyer should attempt to accomplish at each step.

Chapter 5

Task 2: Start saving and choose a bank that fits your needs. (page 135)

In order to buy your first home, you will need to save money for a down payment. To get started, choose a bank or other financial institution that you feel meets your current needs and future goals. Research the different kinds of savings plans and credit opportunities that banks offer. Learn about ways to come up with a down payment. Write a paragraph describing your plan and the kind of bank you will choose as you begin to save for your down payment.

Chapter 6

Task 3: Establish good credit. (page 170)

Start early to establish a good credit rating so that when you finally approach a mortgage lender, you will be seen as a credit-worthy customer. Write a list of guidelines for establishing and maintaining a good credit rating.

Chapter 7

Task 4: Plan ahead to obtain a mortgage. (page 223)

Find out about mortgages. Learn how you can get pre-approved for a mortgage even before you make an offer on a house. Discover how to choose the right mortgage for your situation. Write a paragraph or two about which type of mortgage seems most appropriate to your situation and why.

Task 5: Negotiate the purchase of a home. (page 223 continued)

There is a lot you need to know about final negotiations for buying a home. Most first-time buyers have the help of an experienced real estate agent during this final phase. Make a list of do’s and don’ts for negotiating the purchase of your first home.

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