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  • I think I'll buy this house!
  • How about a debit card!
  • Oh my! Let me help you out before you make a decision....
  • With what money exactly??
  • A mortgage loan!  It is a credit plan that will help you pay for this house in the long term in exchange for using the house as a collateral for the loan, most mortgages need to be paid in 25 years or less.
  • What you're going to need to do is get a loan to buy this house!
  • Loan? What kind of loan?
  • Collateral is something of value that the lender of the loan can take from you and sell if the loan is not repaid in time. This would be assets of yours like Jewelry, savings, or in this case real estate!
  • There are many types of loans, but a mortgage is what is used to buy property like this.
  • Paying off a huge loan for a house like this does not look easy now...
  • And what is Collaterel?
  • You can't just get a loan like that, you will have to be evaluated first, the lender will evaluate you by something we like to call the 3 C's of credit! Character, capacity, and capital. Character is the willingness to repay your loan and trustworthiness. Capacity is the ability to make payments on time and capital is the value of your collateral if you can't repay your loan!
  • Okay, seems like I'll have to get someone to get me that loan first!
  • Also, make sure you have a good credit rating so lenders can see ur worthy of the credit!
  • Just make sure you don't have too many credit cards and pay all your bills on time, also keep your debts reasonable and meet all payment obligations.
  • How do I do that?
  • No, I don't think I'm ready yet, I still have to pay off my student loans. But hey can I borrow some money for a candy bar?
  • $200,000.....
  • Sure, how much do you need? $2?
  • So, you're going to buy this house?
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