Refinancing Mortgage Loans

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IDIOMS!

"get the ax" = be fired
"Doug got the ax at work yesterday, and now he's really worried about paying his mortgage."
"be loaded" = be rich, wealthy
"He's really loaded, so he can afford to make big house payments."

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[ Quiz Script ]

I. Pre-Listening Exercises
II. Listening Exercises
III. Post-Listening Exercises

Level:	Topic:	Type:	Speakers:	Length:
difficult	refinancing mortgages	commercial	man	01:03

I. Pre-Listening Exercises [Top]
Taking out a loan is often the only way people can afford major investments or purchases such as a college education or home. However, what advantages are there to refinancing a mortgage or student loan at a lower interest rate? Use the Internet to learn more about this.

HELPFUL TIP: You often can save a lot of money in interest payments if you pay off your home loan early instead of waiting 20-30 years to repay it.

Can using a credit card be a dangerous thing?

II. Listening Exercises [Top]

I. Listen to the conversation by pressing the "Play Audio" button and answer the questions. Press the "Final Score" button to check your quiz.

1. What type of loan refinancing does this commercial discuss?
A. home
B. business
C. land

2. You can lower your monthly mortgage payments by doing which of the following?
A. creating a clear budget
B. reducing your expenditures
C. securing a loan at a lower rate

3. Refinancing your loan can provide you with the financial resources to:
A. take out other loans.
B. pay for other improvements.
C. reduce your long-term debt.

4. Why is it sometimes possible to reduce the term of a loan quickly?
A. Other investors can pay off the loan for you.
B. Increased income over time can help you make greater payments.
C. You can have someone else take over the loan.

5. Finally, refinancing a loan can provide a safety net in which of these situations?
A. downturns in the economy
B. loss of a job
C. destruction of property

Score =
Correct answers:

II. Listen to the conversation again as you read the Quiz Script.

III. Do practice activities to review the vocabulary:

III. Post-Listening Exercises [Top]

Discuss with a partner the advantages and disadvantages of taking out loans to pay for expenses? Are there times when taking out loans is justified? Are there situations when you have to use credit cards to make purchases? If so, when? What are some basic steps to avoid getting into serious debt?

Now, write your opinions on a similar topic at Randall's ESL Blog HERE.

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