marissapedroza
New member
Currently my wife and I decided to bid for a house and lot, right now 2 banks has offered us for a home loan.
Bank A (who owns the House and Lot) offers us 20 percent downpayment with 8.5 percent interest rate.
Bank B offers us 50 percent downpayment with 6.5 percent as interest rate, another catch wit this bank is that we will be able to occupy the property after 9 months.
If we select bank B we will have atleast 1M remaining as emergency fund but we will save around 300kish in payments & interest. Our monthly will also be cut in half compared if we select bank A.
In my mind I am opting to select bank B because in the long term i believe it will be much easier for us to pay the house. What do you guys think? What else do you think I have not considered?
Bank A (who owns the House and Lot) offers us 20 percent downpayment with 8.5 percent interest rate.
Bank B offers us 50 percent downpayment with 6.5 percent as interest rate, another catch wit this bank is that we will be able to occupy the property after 9 months.
If we select bank B we will have atleast 1M remaining as emergency fund but we will save around 300kish in payments & interest. Our monthly will also be cut in half compared if we select bank A.
In my mind I am opting to select bank B because in the long term i believe it will be much easier for us to pay the house. What do you guys think? What else do you think I have not considered?