Module 10: Your Own Home Instructor Guide
Module 10: Your Own Home
Instructor Guide
Table of Contents
Getting Started ...................................................................................................................................................................... 3 Module 10: Your Own Home Layering Table.................................................................................................................... 4 Icons Guide ............................................................................................................................................................................ 5 Module Overview .................................................................................................................................................................. 6 Checking In............................................................................................................................................................................ 7 Pre-Test ................................................................................................................................................................................ 10 To Rent or To Own? ........................................................................................................................................................... 12 Steps Involved in Buying a Home ...................................................................................................................................... 15 Am I Ready To Buy a Home? ............................................................................................................................................ 16 Homebuyers Assistance Programs .................................................................................................................................... 19 Mortgage Terms.................................................................................................................................................................. 22 Step 2: Determine How Much Mortgage You Can Afford.............................................................................................. 24 Mortgage Shopping............................................................................................................................................................. 30 Loan Settlement .................................................................................................................................................................. 43 Tapping Into Your Home's Equity.................................................................................................................................... 45 Wrap-Up .............................................................................................................................................................................. 52 Post-Test............................................................................................................................................................................... 53 What Do You Know? ? Your Own Home......................................................................................................................... 55 Evaluation Form ................................................................................................................................................................. 56 Glossary ............................................................................................................................................................................... 58 For Further Information .................................................................................................................................................... 60
Money Smart for Adults Curriculum
Page 2 of 60
Module 10: Your Own Home
Getting Started
Instructor Guide
Use this guide to help you teach this module in an informative, engaging, and effective manner.
You can customize the information in Money Smart to meet the needs of your audience. The layering table beginning on pages 4 and 5 can help you choose the most relevant module sections. However, it is usually a good idea to include:
Introductions. Allows you to break the ice, create active instructorparticipant dialogue, and set the tone for the session. Agenda and Ground Rules. Helps participants understand the subject matter and how the class will be conducted. Expectations. Gives participants the opportunity to tell you what they expect and want to learn from the module. Objectives. Helps participants place the information to be learned in the proper context and ensures that the content is consistent with their expectations. Explanation of Participant's Guide Format and Contents. Serves to keep participants on track with the instructor. What Do You Know? Form and/or Pre-Test. Helps you and participants determine what they already know or do not know so you can customize the presentation accordingly. Module Content and Activities. Helps participants to reinforce learning. What Do You Know? Form and/or Post-Test. Helps you and participants gauge how well they learned the content, what content to review, if any, and what additional materials participants may want to review on their own.
Money Smart for Adults Curriculum
Page 3 of 60
Module 10: Your Own Home
Instructor Guide
Module 10: Your Own Home Layering Table
Please read the Layering Table Instructions in the Guide to Presenting Money Smart for Adults.
Time Pages
(Min.)
Topic
7-9 5 Checking In
10-11,
Pre-Test and/or What
5
55
Do You Know?
12-14 5 To Rent or to Own
Steps Involved in
15
5
Buying a Home
Am I Ready to Buy a 16-18 10
Home?
Homebuyer 19-21 10
Assistance Programs
22-23 5 Mortgage Terms
Step 2: Determine How Much 24-29 15 Mortgage You Can Afford
30-42 20 Mortgage Shopping
43-44 5 Loan Settlement
45-51 15 Tapping Into the
Money Smart for Adults Curriculum
Subtopic & Activities
Introduction of instructor and materials
Advantages and disadvantages of both renting and owning a home Steps involved in buying a home Meet Patricia Step 1: Determine if you are ready to buy a house Activity 1: Is Patricia Ready To Buy a House? Homebuyer assistance programs, characteristics of government programs, The Fair Housing Act Activity 2: Does Patricia Have Enough Money for a Down Payment? Costs that make up a mortgage payment, taxes and insurance, four Cs of loan decision-making
Pre-qualification, pre-approval Activity 3: How Much Mortgage Can Patricia Afford?
Step 3: Determine which mortgage option is best for you, benefits/pitfalls of interestonly mortgages, biweekly payment mortgages, Good Faith Estimate (GFE), Mortgage Shopping Worksheet, Step 4: Qualify for a loan, when debt-to-income exceeds recommended rations Activity 4: Does Patricia Qualify for a Loan? Step 5: Go through settlement, closing paperwork, what to do if you are having trouble making your payments Equity advantages, home equity products,
Target Audiences Everyone Everyone
Those deciding whether to rent or own Anyone who is considering buying a home Anyone who is considering buying a home
Anyone needing assistance to purchase a home
Anyone needing assistance to purchase a home Those considering buying a home and those who own a home Anyone who is considering buying a home
Those considering buying a home or those who own a home and want to refinance
Those considering buying a home or those who own a home and want to refinance Those who own a home and
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Module 10: Your Own Home
Instructor Guide
Please read the Layering Table Instructions in the Guide to Presenting Money Smart for Adults.
Pages
Time (Min.)
Topic
Equity of Your Home
52 53-55 56-57
5 Wrap-Up Post-Test and/or
5 What Do You Know?
5 Evaluation
Subtopic & Activities
refinancing options, reverse mortgages, predatory lending practices
Target Audiences
are considering a home equity loan or refinancing option Everyone Everyone
Everyone
Icons Guide
The following icons may be used throughout the Instructor Guide to indicate activity type.
Presentation
Present information or demonstrate an idea.
Review
Refer participants to and summarize material provided in the Participant Guide.
Activity
Guide participants through an activity to support their learning.
Assessment
Direct participants to take a short test.
Discussion
Facilitate a discussion about a topic as directed.
Ask a Question
Present a problem or question for discussion.
Money Smart for Adults Curriculum
Page 5 of 60
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