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Rose is a single, 35-year-old social worker from Virginia who has decided to foster two small boys, with the goal of eventually adopting them. She lives in a two-bedroom apartment, which she knows does not provide the space she needs to accommodate the boys. She has been thinking about buying a house for a while, and her decision to take in the boys is the catalyst that causes her to take the next step and visit a mortgage loan officer to see if she could be approved for a mortgage. This case guides participants through the home-buying process, focusing especially on mortgages.
Participants will learn when it's a good time to buy a home, and they will discuss the pros and cons of buying as compared to renting. They will also learn details about the home-buying process and the actual cost of buying a home; the process of lender approval for a home mortgage, including what is required for approval; the types of mortgage loans available; and the effects of different mortgage loan types on a budget.