Mr.Riley: How do you do?
Mr.Riley: I'm Ralph Riley.
Richard: I'm Richard Stewart, and this is my wife, Marilyn.
Mr.Riley: Pleased to meet you.
Marilyn: Likewise, Mr.Riley.
MR.Riley: Please, sit down. What can I do for you?
Richard: We'd like to discuss a mortgage.
Marilyn: For a house.
Mr.Riley: Fine. Are you buying a house or are you reinancing your present home?
Richard: We're planning to buy a house.
Marilyn: And we'd like to find out about a mortgage.
Richard: We are customers of the bank. As a matter of fact, my whole Family banks here.
Mr.Riley: I have some questions to ask. Do you own your house or do you rent?
Richard: Neither. We live with my parents, Dr. and Mrs. Philip Stewart.
Mr.Riley: And how old are you?
Marilyn: I'm twenty-nine.
Richard: I'm thirty.
Mr.RIley: And, Mr. Stewat, what is your occupation?
RIchard: I'm a freelance photographer.
Mr.Riley: And, Mrs. Stewart, are you working?
Marilyn: Yes. I'm a designer, and I work in a boutique.
Mr.Riley: Did you bring any savings or salary information? Last year's tax forms?
Richard: Yes. Here they are.
Mr. Riley: OK. What...what kind of house did you have in mind?
Richard: We're talking about buying a two-bedroom house in Mount Kisco. Here are the financial details on the house.
Mr.Riley: Thank you. Are you prepared to make a ten-percent down payment?
Richard: Yes, we are.
Mr.Riley: Payments over thirty years?
Marilyn: Do you think we can get a loan?
Mr.Riley: Well, it depends. Do you own any other property? Any stocks or bonds?
Mr.Riley: I see. Then you don't have any collateral. Perhaps you could get a guarantor- someone to sign for the loan for you.
Richard: Why is that necessary?
Mr.Riley: Since you don't have enough income, and you don't already own any property, the bank needs to be sure you can pay the mortgage every month. A guarantor is responsible for the loan if you can't make the payments.
Richard: I see. Well, the idea of buying a house is exciting.
Marilyn: Thank you, Mr.Riley. We'll read this over carefully.
Mr.Riley: Thank you.
Richard: Good-bye. Thanks.
Mr.Riley: Godd-bye. And hope to see you soon.
Richard: I hope so, too.
Mr.Riley: Take care.
Richard: It all sounded so easy until they mentioned needing collateral or a guarantor.
Marilyn: We have no collateral.
Richard: And I don't think it's a good idea to ask Dad to sign as a guarantor. I don't feel right about it.
Marilyn: I understand your feelings about it, Richard.
Ellen: Now, tell me, what's the problem?
Marilyn: We can get a loan from the bank if we can put up some collateral.
Richard: And we don't own anything to use as collateral.
Marilyn: Or someone can sign with us as a guarantor.
Ellen: Why don't you speak to Dad?
Richard: No. If we buy a house, I want to be able to handle it alone.
Ellen: Everybody needs help sometimes, Richard.
Marilyn: I understand Richard's feelings about it, Ellen.
Richard: In two or three months, I'll have an advance on my book and be able to put more money down.
Marilyn: What about the house in Mount Kisco? Somebody else'll buy it by then.
Richard: Then there'll be other houses, Marilyn.
Ellen: Richard has a point. You're just beginning to look.
Marilyn: We're in no great rush. It's true.
Richard: This has been a great learning experience for us, Marilyn. Talking to the real-estate agent. Looking at the houses. Talking to the loan officer at the bank.
Marilyn: It has been a learning experience. That's true.
Ellen: I think you're doing the right thing. Taking your time. Looking around. Especially with a purchase of this kind. You're talking about a lot of money.
Marilyn: We'll call Mrs. Martinelli and tell her to keep looking for us.
Richard: And I'll call Mr.Riley at the bank and tell him we'll see him in a couple of months.
Ellen: And if you ever need Dad or me to help you...
Marilyn: We know.
Ellen: You know we'll be there for you.
Richard: It's a Stewart tradition. We're a family.