| Level: |
Topic: |
Speakers: |
Length: |
| difficult |
refinancing mortgages |
man |
01:03 |
Pre-Listening Exercise
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 loan at a lower interest rate? Use the Internet to learn more about this.
Agree or Disagree? Let’s Spark Some Conversation!
These statements are designed to get everyone thinking, moving, and talking! The goal is to explore ideas, share opinions, and get ready for the next part of the lesson.
-
In a face-to-face classroom: Read each statement aloud. If you agree, move to one side of the room; if you disagree, move to the other. Talk with your group—why do you feel that way? Then, pair students with members of the other group and have students explain their reasons. Rotate partners for more practice.
-
In an online classroom: Use polls, emojis, or the chat box in your online platform to show your opinion. Then, join the conversation as a group or in breakout rooms. What do others think? Do you agree or disagree with them?
-
For independent learners: Read each statement and think about your opinion. Then say your answer out loud and explain your reason, as if you’re talking to a classmate. This helps you get ready to speak and join real conversations in English. Consider recording your ideas and self-assess your progress.
- Owning a home is better than renting for most people.
- It is smart to take out a large mortgage if you want your dream home.
- Renting can be more flexible than owning a home.
- Home loans should have lower interest rates to help more people buy houses.
- People should only buy a home if they plan to live there for many years.
- Owning a home gives people more financial security.
- The process of getting a mortgage is too complicated for many buyers.
- It is better to pay off your mortgage quickly, even if it means less saving.
- Homeownership is less important for younger generations than before.
- Governments should provide more support for first-time homebuyers.
Idioms
“get the ax” = be fired
“Justin 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.”
Listening Exercise
A. Listen to the recording and answer the questions.
Post-Listening Exercise
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?
Online Investigation
At some point in our life, we might find ourselves in a situation where we need to take out a college student loan or a home mortgage loan, either for ourselves or for a family member. However, taking out a loan can be a confusing and complex process if you don’t know what to do. Use the Internet to find out the following basic factors to get you started:
- Are there some good reasons for which you might want to borrow money?
- What are some of the fees and other costs associated with taking out a loan?
- What are the penalties for not paying back a loan on time?