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A teller gave him the loan.
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Mr. Fanelli doesn't have any charge accounts.
An auto loan
John Baker works in the loan department of a bank in Denver, Colorado. He is a loan of- ricer. Stanley Fanelli has an appointment with him now to ask about a loan. He needs money to buy a new car.
Mr. B: Hello, Mr. Fanelli. Please have a seat. What can I do for you today？
Mr. F: I want to borrow some money to buy a car. A friend of mine, Jack Richardson, bought a new car last week. He told me that he got his loan here.
Mr. B: Oh yes. I remember him. I was the loan officer who spoke with him.
Mr. F: He said that you were very helpful. I know very little about loans and I hope you can explain things to me.
Mr. B: I will certainly try. What questions did you have for me？
Mr. F: First, I want to know if loans for buying cars are commercial loans or personal loans.
Mr. B: Neither, Mr. Fanelli. They're auto loans. A commercial loan is principal that banks lend to businesses. Personal loans are made to individuals, but not for buying cars.
Mr. F: What about interest rates？
Mr. B: The rate of interest currently in effect on auto loans is 16%.
Mr. F: For how long will I have to make monthly payments？
Mr. B: The term of the loan is three years, so there will be 36 monthly payments.
Mr. F: Do I have to give the bank any collateral？
Mr. B: The car serves as collateral. If you default, the bank can take possession of the car. The bank also checks your credit file to make sure that you always paid back your loans in the past. Do you have any charge accounts？
Mr. F: My wife and I bought our furniture with our charge card and we even used it to buy airplane tickets for our vacation in California last year. We paid off both those debts promptly.
Mr. B: That's very good. I assume there will be no problem. But the first thing you have to do is fill out this loan application.
Mr. F: Thank you very much. I'll start right now.
State whether each statement is true or false based on the dialogue between John Baker and Stanley Fanelli.
Mr. Fanelli needs a loan to buy his new car.
Applying for a mortgage
Susan Thomas and her husband Alan have decided to buy a house. They have seen one that they like and now have to get a mortgage loan. Susan goes to see Joan Bentley. Ms. Bentley works in the mortgage department of the Yorktown Bank in Texas, where the Thomases live.
Ms. B: Hello, Mrs. Thomas. How are you today？ I hear you want to apply for a mortgage loan with us.
Mrs. T: That's right. I hope you have the time to answer some questions, though. My husband and I have never owned any real estate before and we have only elementary ideas about mortgages.
Ms. B: I'll be happy to help you in any way I can. What would you like to ask？
Mrs. T: First, is there any difference between a mortgage and a mortgage loan？ I have heard both terms used.
Ms. B: Yes there is, although in everyday speech people call the mortgage loan'a mort- gage. The mortgage is actually a written document. In legal terms it is called an instrument of conveyance because it transfers title of property from one party to another. The mortgage loan is, of course, the money that the mortgagee lends to the mortgagor so that the mortgagor can buy a house or some other piece of real property. Mrs. T: I see. That's clear to me now, but something has been worrying me. Many of my friends have told Alan and me that it won't be easy to get a mortgage. I don't know what they mean--Alan and I have always held good jobs. It seems that two good risks like us wouldn't have much difficulty in getting financing for a new home.
Ms. B: The problem isn't the element of risk. The supply of mortgage money has become very tight lately. Also, with interest rates rising, banks don't want to lend a large sum of money for 25 or 30 years at a fixed rate.
Mrs. T: When you mention fixed rates you remind me that I have been hearing a lot about variable - rate mortgages. I'm not quite sure that I understand exactly what they are, but people say more and more banks are using them now.
Ms. B: I can explain them to you. In the past, the borrower or mortgagor paid the same rate of interest over the life of the mortgage. Monthly payments to the bank were the same for 30 years. But with variable-rate mortgages they can be adjusted every six months to changes in the interest rates banks pay on deposits.
Mrs. T: That sounds very upsetting to me. What if the borrower gets a very large increase？ How would he meet his payments？ Variable - rate mortgages must greatly increase the possibility of the bank's foreclosing.
Ms. B: Not really. The bank can't adjust the rate more than 1/4 of one percent for any six - month period. And most banks give an initial guaranteed - rate period of six months to five years. During this period, no adjustments are allowed. However, there's no limit to how much the rate that you pay can rise or fall over the life or the mortgage.
Mrs. T: Why have banks begun to insist on variable-rate mortgages？ The old system seems so much simpler.
Ms. B: I'll admit it was simpler, but changes in conditions have made it difficult for banks to keep the system of fixed - rate mortgages. With certificates of deposit and other term - de- posit accounts, banks now pay very high interest rates to depositors in order to attract their money. These interest rates fluctuate, too, so banks want the protection of variable - rate mortgages.
Mrs. T. Your explanation makes me feel more secure about variable -rate mortgages. How much does your bank expect as a down payment？
Ms. B: Between 10% and 20% of the purchase price. Is that possible for you and your husband？
Mrs. T: Yes. We have saved enough money for that. I would like to fill out an application.
Ms. B: Fine. Here's one. We will be able to let you know whether we approve
In the past, mortgage rates were fixed for the life of the mortgage.
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