Posted on: 03rd May, 2010 04:56 pm
Hi guys,
I am in the middle of buying a house that was originally listed ast 253,000 (foreclosure); however, my lender appraised the property for 229,000. The banks final stance was 235,500, with me having to come up with the 6500 in closing costs.
My lender gave me a monthly plan and an estimate of fees due at closing. With an interest rate of 5.35%, my lender is giving me $3000 credit towards the final closing costs + down payment, making my total around 16500; however, with my locked rate, my lender will not help me and my final closing costs + down payment is around 19500. My question is, I have about 22k total for this house, should I go with the higher interest rate and save the rest of the money for a rainy day or go with the lower interest rate and have about 3k in savings left.
The monthly payment different is about 50 dollars extra with the higher interest rate. I am confident I can afford it, but just wondering if people have suggestions on which way to go as I don't have many people to talk to about this.
THanks!
I am in the middle of buying a house that was originally listed ast 253,000 (foreclosure); however, my lender appraised the property for 229,000. The banks final stance was 235,500, with me having to come up with the 6500 in closing costs.
My lender gave me a monthly plan and an estimate of fees due at closing. With an interest rate of 5.35%, my lender is giving me $3000 credit towards the final closing costs + down payment, making my total around 16500; however, with my locked rate, my lender will not help me and my final closing costs + down payment is around 19500. My question is, I have about 22k total for this house, should I go with the higher interest rate and save the rest of the money for a rainy day or go with the lower interest rate and have about 3k in savings left.
The monthly payment different is about 50 dollars extra with the higher interest rate. I am confident I can afford it, but just wondering if people have suggestions on which way to go as I don't have many people to talk to about this.
THanks!
*payments, not players...
Hi mzr!
Welcome to forums!
In my opinion, it would be better if you could go for lower interest rate and save around 3K. The amount that you would save from the lower interest rates that you pay, you will be able to increase your savings.
Sussane
Welcome to forums!
In my opinion, it would be better if you could go for lower interest rate and save around 3K. The amount that you would save from the lower interest rates that you pay, you will be able to increase your savings.
Sussane