Buying a House

In this lesson, students will be able to:

• Compare the advantages and disadvantages of renting vs owning a house
• Explain how homeownership can build wealth
• Identify factors that determine a person’s readiness to buy a home
• Analyze the impact of credit scores on the cost of credit

In this lesson, students will be able to:

• Identify the upfront and ongoing expenses of buying a house, including their typical cost
• Estimate a housing budget using both rules of thumb and an online calculator

In this lesson, students will be able to:

• Give a broad overview of the home buying process
• Understand the role of a real estate agent
• Explain why pre-approval is important
• List wants and needs and use online tools to search for homes

In this lesson, students will be able to:

• Explain what a mortgage is and why most Americans require one to finance a home
• Use a mortgage calculator to explore how down payment, credit score, interest rate, and term all impact the total cost of buying a home
• Distinguish between fixed- and adjustable-rate mortgages

This lesson is also a part of Semester Course Unit 4.

In this lesson, students will be able to:

• Analyze barriers to homeownership related to age, race, and wealth
• Summarize the advantages and disadvantages of FHA loans compared to conventional mortgages
• Explore the types of down payment assistance programs available
• Explain how specialized loan programs can make buying a home more affordable

In this lesson, students will be able to:

• Describe the process of making an offer and negotiating a home's price
• Summarize why home inspections are important and how they impact the negotiation process
• Explain what a home appraisal is
• Describe the escrow and closing process