منتدى الخليج - Getting a Loan

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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.

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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.

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How long would you like the life of the loan to be?

What are my options?

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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?

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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?

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That is right. Which would you prefer?

I think I would rather pay it off sooner and not pay as much interest.

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Then we will sign you up for a fifteen year loan.

What is my interest rate?

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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.