Word 2007 / Smartype / Instant Text

I'm brand new here, just discovered the board. Was an MT for many years, retired for 2 & now must start working again. I loved using Smartype & relied on it heavily. However, the company I just signed on with uses a Word-based program that does not support Smartype. I've been told I can use Autocorrect or Instant Text. Color me dumb but I have no idea how either of these work. I've been told that IT is a good program but there is not a "smart line" on the screen where you can watch for & choose certain words. I really don't have $200 to plunk down for a program I might not like. I would really appreciate some feedback on my options. Thank you.