Episode 11 A Place of Our Own ACT III

[ In a bank in Riverdale. Marilyn and Richard are speaking with a loan officer about borrowing money to buy a house. ]

Mr. Riley: How do you do?

Richard: Hello.

Mr. Riley: I'm Ralph Riley. [ He shakes Richard's hand. ]

Richard: I'm Richard Stewart, and this is my wife, Marilyn.

Mr. Riley: Pleased to meet you.

Marilyn: [ She shakes his hand. ] 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 refinancing 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. [ He writes on a form. ] 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. Stewart, 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. [ He reads the details. ] Are you prepared to make a ten-percent down payment?

Richard: Yes, we are.

Mr. Riley: Payments over thirty years?

[ Marilyn and Richard nod their heads. ]

Richard: Yes.

Richard: Do you think we can get a loan?

Mr. Riley: Well, it depends. Do you own any other property? Any stocks or bonds?

Richard: No.

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: Good-bye. And hope to see you soon.

Richard: I hope so, too.

[ They all shake hands. ]

Mr. Riley: Take care.

Marilyn: Good-bye.

[ Later, on the patio of the Stewarts' home. Richard and Marilyn are speaking about their experience at the bank. ]

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: [ She comes out to the patio with a tray of drinks and food. ] 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.