Most homebuyers in Delaware take out a mortgage loan from a bank to complete their purchase. After all, very few people can buy a house in cash outright. The traditional mortgage period stretches over 30 years at a fixed interest rate. However, there are also options for a 15-year, shorter-term mortgage. People buying a home may have several factors to consider when choosing the mortgage loan that is right for them.
Considering a 15-year mortgage
Purchasing a home
When purchasing a home, one of the things Delaware residents have to consider is whether they want to make their mortgage payments biweekly or monthly. If the mortgage payments are made biweekly, the mortgage payoff date will be earlier, and the total interest costs will be lower. With a monthly mortgage payment, buyers are likelier to be paying more interest with a payoff date that is much later than that for a biweekly payment.
