Tips and Tools For Financial Success - Newton Free Library

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Note: Make sure you compare loan offers based on annual percentage rate (APR), and not the interest rate. The APR is the cost of the loan expressed as a yearly rate, including interest and certain fees. Which mortgage do you think would be good for Patricia, based on what we know so far about how much mortgage she can afford? Why? 113
Mortgage Shopping Worksheet (from FDIC Money Smart) Name of Lender: Name of Contact: Date of Contact: Mortgage Amount: A. Basic Information on the LoansType of Mortgage: fixed rate, adjustable rate,conventional,FHA, other? If adjustable, see below Minimum down payment required Loan term (length of loan) Contract interest rate APR Points (may be called loan discount points) Monthly (PMI premiums) How long must you keep PMI? Estimated monthly escrow for taxes & hazard insurance Estimated monthly payment (PITI, PMI) B. Fees Different institutions may have different names for some fees and may charge different fees. We have listed some typical fees you may see on loan documents. Application fee or Loan processing fee Origination fee or Underwriting fee Lender fee or Funding fee Appraisal fee Attorney fees Document preparation and recording fees Broker fees (may be quoted as points, origination fees, or interest rate add on Credit report fee Other fees C. Other Costs at Closing/Settlement Title search/Title insurance For lender Title search/Title insurance For you Mortgage 1 Lender 1 Lender 2 Mortgage 2 Mortgage 1 Mortgage 2 114
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Financial Literacy at the Library T
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Background and Acknowledgments Fina
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Chapter V. Credit Overview of Credi
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6 Newton Free Library hosted Financ
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8 © 2011 American Consumer Credit
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Goal Setting & Financial Planning (
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Financial Goals Worksheet (SMART)
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Planning For Unexpected Life Events
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1. Determine what to keep at home a
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5. Keep a close watch on your bank
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20 Kip Child, FDIC Community Affair
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Introduction to Banks (from FDIC Mo
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24 Debit Cards • Fees? • Fee wa
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Ways to Take Money Out of Your Acco
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Using Electronic Banking (from FDIC
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Activity 1: Checking Account Fees (
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Activity 3: Record Transactions in
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Sample Check Register Check Number
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Paper Money Copy, cut, and put the
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III. Budgeting Practice Good Habits
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Create a Budget—and Pay Yourself
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Household Budgeting Worksheet Housi
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Read the scenario, review the Month
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Increase Your Income How might how
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Develop a Spending Plan A spending
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Implement Your Plan Seek Assistance
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• Educate yourself and learn more
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Budgeting Quiz 1. How long should y
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Budgeting Quiz -Answers 1. Correct
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IV. Saving and Investing Preparing
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The true magic of compound interest
Page 64 and 65: 9. Pay off high-interest credit car
Page 66 and 67: Risk-Return Relationship Table (FIN
Page 68 and 69: Compounding with Tables (FINRA Inve
Page 70 and 71: Retirement Savings Vehicles (FINRA
Page 72 and 73: In most cases, you roll over a trad
Page 74 and 75: Activity 2: Savings Goals Worksheet
Page 76 and 77: Investing Quiz 1. Which of the foll
Page 78 and 79: Investing Quiz - Answers 1. Correct
Page 80 and 81: Making your First Investments http:
Page 82 and 83: V. Credit Overview of Credit What i
Page 84 and 85: What Is a Credit Report? (from FDIC
Page 86 and 87: How the Credit Report Is Used (from
Page 88 and 89: How to Get Your Free Annual Credit
Page 90 and 91: Credit Cards: What Are They Used Fo
Page 92 and 93: Credit Card Comparison Chart (from
Page 94 and 95: ACCOUNT ACTIVITY Date of Transactio
Page 96 and 97: Activity 1: Maria’s Credit Report
Page 98 and 99: Activity 3: Who Poses the Most Cred
Page 100 and 101: Credit Terms and Definitions Bankru
Page 102 and 103: 8. All of the following appear on y
Page 104 and 105: VI. Borrowing Basics Types of Loans
Page 106 and 107: Car Loans (from FDIC Money Smart) T
Page 108 and 109: To Rent or To Own? (from FDIC Money
Page 110 and 111: Activity 1: Which Loan Is Best? (fr
Page 112 and 113: Activity 3: How Much Mortgage Can P
Page 116 and 117: Estimated prepaid amounts for inter
Page 118 and 119: Borrowing Basics Quiz 1. Which of t
Page 120 and 121: Answers for Borrowing Basics Quiz 1
Page 122 and 123: VII. Life Skills Menu Planning Work
Page 124 and 125: Grocery Shopping Tips 1. Clean out
Page 126 and 127: Computer Terms and Definitions Comp
Page 128 and 129: Housing Terms and Definitions Appli
Page 130 and 131: 8. According to the 2010 Consumer E
Page 132 and 133: VIII. Glossary Glossary (excerpted
Page 134 and 135: Compounding: Interest paid on money
Page 136 and 137: Interest: A percentage of your bala
Page 138 and 139: Stocks: Parts of a company, called
Page 140 and 141: IX. Recommend Resources Bibliograph
Page 142 and 143: Careers and Life Skills Bostick, Na
Page 144 and 145: Heath, Julia A. Personal finance es
Page 146 and 147: Debt information for teens: tips fo
Page 148 and 149: Tutor/Teacher Cordell, Jane. Cambri
Page 150 and 151: Newton Free Library Financial Educa
Page 152 and 153: I. Learning English Online Resource
Page 154 and 155: Investor Knowledge Quiz - http://ww
Page 156 and 157: American Consumer Credit Counseling
Page 158 and 159: Nationwide Resources (from American
Page 160: This publication is made possible b
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