Good Morning Sir , how may I help you today ?
I would like to apply for a loan please .
Very good , and what kind of loan are you looking for ?
I want a loan to buy a new home .
And how much were you hoping to apply for today ?
I was hoping that I could apply for a $250,000 home loan .
First we just have to see if your credit is good enough for a loan that large .
I have a credit score of 760 .
Excellent! And I also see on your credit report that you have always paid on time .
Yes , I know how important it is to pay your debts and pay them on time .
Will you be making a down payment on your new house ?
I have ten thousand dollars available for a down payment and I would like to finance the rest .
I have just a few more questions for the application . What is your gross monthly income ?
I make $750 a week, so I suppose my average monthly income would be about $3000 .
How long would you like the life of the loan to be ?
What are my options ?
You can choose between a ten , fifteen , twenty or thirty year loan .
What is the difference between a fifteen year loan and thirty year loan ?
A fifteen year loan will mean higher monthly payments , but you will pay less interest .
So a thirty year loan will mean lower monthly payments , but I will end up paying more in the long run ?
That is right. Which would you prefer ?
I think I would rather pay it off sooner and not pay as much interest .
Then we will sign you up for a fifteen year loan .
What is my interest rate ?
Based on your credit report and excellent credit score , your interest rate will be 5.9% .
That is great! Where do I sign ?
Just fill out this remaining paperwork and we will get you into your new home .
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