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Mortgage Calculator DE (Delaware)

Overview of Delaware Housing Market 2023

As of 2023, the Delaware housing market presents a dynamic and competitive landscape. The market continues to be influenced by factors such as supply and demand, economic conditions, and population trends. Delaware's strategic location, favorable tax environment, and proximity to major cities have historically contributed to its housing market appeal. It is important to note that specific trends and conditions can vary across different regions within the state.

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At Brighton Bank, our commitment goes beyond just providing financial services. We believe in empowering our customers with the tools and resources they need to make informed decisions about their financial future. That's why we've put together this dedicated mortgage calculator landing page – to offer you a seamless, transparent, and personalized way to explore your home financing options.

What's on this page?

-Mortgage Calculator 
-Property Tax in Delaware

-Closing Costs in Delaware
-Housing Market in Delaware

-Mortgage Resources

Mortgage Calculator DE (Delaware)

How to Calculate a Mortgage Payment​

Calculating a mortgage payment involves a few key components: the loan amount, interest rate, loan term, and the type of mortgage. The most common type of mortgage is a fixed-rate mortgage, where the interest rate remains constant throughout the loan term. Here's how to calculate your monthly mortgage payment: The formula to calculate the monthly mortgage payment is:

M = P * [r(1+r)^n] / [(1+r)^n - 1]

The Variables are as follows:

  • M is the monthly mortgage payment.

  • P is the principal loan amount.

  • r is the monthly interest rate (annual rate divided by 12 and converted to a decimal).

  • n is the number of monthly payments (loan term in years multiplied by 12).

How a Mortgage Calculator can help you.

The Mortgage Calculator DE (Delaware) is a powerful tool designed to assist individuals in making well-informed decisions about their home financing options. This calculator provides a range of benefits:


  • Payment Estimation: Predict your monthly mortgage payments based on loan details, aiding budget planning.

  • Scenario Comparison: Testing different loan amounts, interest rates, and terms to understand their effects on payments.

  • Loan term: Choose 30 years for lower monthly payments but higher interest or 15 years for less interest with higher monthly payments.

  • Avoiding strain: Brighton Bank's calculator factors taxes, insurance, and mortgage costs for a clear monthly commitment view.

  • Down payment: Lower 3% down payments feasible, calculator assists in optimal initial investment.

  • Affordability Assessment: Determining how much house you can comfortably afford within your budget.

  • Interest Analysis: This shows the total interest paid over the loan's life, guiding decisions on loan terms and types.

Key Determinants of Your Mortgage Payment

At Brighton Bank, we understand that your mortgage payment is influenced by a range of factors. Here are the essential elements that contribute to shaping your mortgage payment:

  1. Loan Amount and Interest Rate: The total amount you borrow and the interest rate applied directly impact your monthly payment. A higher loan amount or interest rate typically results in higher monthly payments, while a lower loan amount or interest rate leads to more manageable payments.

  2. Loan Term and Type: The length of your loan term and whether it's a fixed-rate or adjustable-rate mortgage matters. Shorter terms often have higher monthly payments but lower overall interest costs. In contrast, longer terms may offer lower monthly payments but potentially higher interest expenses over time.

  3. Property-Related Costs: Property taxes based on your home's value and location, along with homeowners insurance to safeguard your investment, are included in your monthly payment. We can help you estimate these costs accurately.

  4. Down Payment and PMI: A larger down payment reduces your loan amount, potentially lowering your monthly payment. If your down payment is less than 20 percent, Private Mortgage Insurance (PMI) might apply, adding a cost to your payment until you gain sufficient equity.


Our team at Brighton Bank is committed to guiding you through these intricacies, ensuring you make informed decisions tailored to your financial aspirations. With our expertise, you can navigate these elements and secure a mortgage payment that suits your unique needs.

What you can do to lower your monthly payment

A mortgage constitutes a long-term financial arrangement aimed at funding a home purchase, necessitating both repayment of the principal amount and the regular settlement of interest to the lender. The monthly cost of a mortgage can vary significantly based on factors like property price, location, and the type of loan selected.


To assist you in curbing your monthly mortgage expenses and achieving savings, Brighton Bank offers insightful strategies:

  1. Opt for a more budget-friendly home: Selecting a less expensive property translates to a reduced loan amount and subsequently lowers your monthly mortgage obligation.

  2. Make a larger down payment: If you make a down payment of 20% or more, you won't have to pay private mortgage insurance (PMI). PMI is an extra insurance that lenders require if your down payment is less than 20%. It can add hundreds of dollars to your monthly mortgage payment.

  3. Secure a lower interest rate: Engage in thorough research across different lenders to identify the most favorable interest rate, contributing to a decreased overall mortgage expense.

  4. Adjust your loan term: Opting for a longer loan term results in more manageable monthly payments, though it leads to a higher cumulative interest payment over time.

How lenders decide how much you can afford to borrow

When considering your borrowing capacity, Brighton Bank takes into account several key factors to ensure a responsible and suitable lending decision. Here's how Brighton Bank determines your borrowing capacity:


  1. Income Evaluation: Brighton Bank assesses your income stability and sources to gauge your ability to comfortably make repayments.

  2. Debt-to-Income Ratio (DTI): The bank analyzes your existing debts in relation to your income to determine a borrowing amount that maintains a manageable debt load.

  3. Credit History Check: Your credit score and history are reviewed to judge your creditworthiness and ensure that the borrowing terms align with your financial track record.

  4. Down Payment & Affordability: Brighton Bank considers your down payment amount, overall property expenses, and the chosen loan type to ensure that the borrowing amount remains within your financial means.

Determining Your Affordable Home Budget in DE (Delaware)

Evaluating your financial standing is key to establishing a suitable home budget in Delaware, considering factors like earnings, outlays, and future financial objectives. Start by comprehending your disposable income. Following this, financial professionals commonly suggest that housing expenditures ideally stay within 30% of your total gross monthly income. This allocation covers various elements, such as mortgage dues, property levies, home insurance, and perhaps homeowners association (HOA) charges.

Imagine you earn $6,000 monthly. Applying the 30% guideline, your housing expenses, including mortgage, taxes, insurance, and potential HOA fees, shouldn't exceed $1,800. This approach ensures budget balance, allowing room for other essential needs, savings, and investments. Following this example helps maintain a financially sustainable housing choice and overall well-being.

Moreover, the affordability of homes in Delaware can be significantly influenced by the prevailing conditions and trends in the local real estate market. It's worth noting that housing prices can exhibit variations across various neighborhoods or cities within the state, underscoring the importance of conducting thorough research into the specific area that has captured your interest.


Keep in mind that this is a general guideline, and personal situations can diverge. Other elements to weigh include your initial payment, credit rating, and interest rates – these can influence your mortgage eligibility. Moreover, integrating future financial aspirations like savings, investments, and possible income shifts is vital to guarantee a prudent housing choice.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

Following your estimation of mortgage payments, the journey towards homeownership unfolds with essential next steps guided by Brighton Bank. 

Whether you're embarking on this path for the first time, considering refinancing, or managing credit challenges, Brighton Bank is here to offer invaluable support at every phase.

  • Compare Our Rates: Before making a commitment, it's crucial to explore and assess offers from various mortgage providers. Brighton Bank encourages you to compare our rates with others, ensuring you make an informed decision. For more details, you can also access information about mortgage rates tailored to your location.

  • Undecided? Rent or Buy: If you're still weighing the options between renting and buying a home, Brighton Bank provides the guidance you need to evaluate which choice best suits your unique circumstances and financial goals.

  • Expand Your Knowledge: Brighton Bank provides a comprehensive resource to help you expand your understanding of diverse mortgage options. Whether you're interested in reverse mortgages, VA home loans, or FHA home loans, Brighton Bank equips you with insights to select the mortgage type that aligns with your preferences and requirements.

In July, Delaware's real estate market saw a 4.9% year-over-year increase in home prices. Concurrently, the number of homes sold experienced a notable decline of 34.7%, and the homes available for sale also decreased by 23.3%. In terms of total units sold this month, 989 homes were sold in the Delaware real estate market, marking a 22% decrease from the 1,270 homes sold the previous month. Furthermore, this July's total units sold exhibited a 29% drop compared to the same period in July 2022. In comparison to last year, the current month witnessed a reduction of 366 homes or 14% in the overall available inventory. Specifically, the active inventory for July 2023 stood at 2,210 homes, a decrease from the 2,576 homes recorded in July 2022. Notably, this July's inventory of 2,210 homes is lower than the previous month's supply of available homes, reflecting a 10% decrease from the 2,451 homes available.


In July of the previous year, the median sale price for homes in Delaware stood at $365,000. Fast-forward to this July, and the median sale price remained relatively steady at around $382,000. This represents a 5% increase in the current median sold price compared to the same period in July 2022. The median sale price indicates the midpoint of all sale prices during a given month, with an equal number of properties falling above and below this figure. Additionally, in July, the average sale price in Delaware reached 100.5% of the average list price, showing a similarity to the corresponding period from the previous year. During that month, the average duration that homes spent on the market was 26 days, which was longer than the average observed the previous year, where it was 18 days – marking a notable 44% increase.

In July 2023, Delaware witnessed a 4.9% increase in home prices compared to the previous year, with homes achieving a median price of $349,400. However, the average count of homes sold experienced a significant decline of 34.7% year-over-year, resulting in 633 homes being sold in July this year, a decrease from the 970 homes sold in July of the prior year. The median duration of homes spent on the market was 16 days, marking a 3-day increase compared to the previous year.

What is the housing market like right now?

What does this mean?

The trajectory and speed of home price fluctuations serve as indicators for assessing the housing market's robustness and whether homes are becoming more or less attainable. Presently, the median home price in the United States stands at $349,400.

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Average Closing Cost in DE (Delaware) Counties

When buying a home in Delaware, it's crucial to consider not only the purchase price but also the closing costs associated with the transaction. Closing costs encompass a variety of fees and expenses that are typically paid at the closing of the real estate deal. These costs can vary significantly depending on the county in which you're purchasing the property.

Understanding these variations is crucial for homeowners and investors alike to make informed decisions about property ownership and financial planning. Beyond the listing price, several expenses come into play during the home-buying process. Closing costs are comprised of several categories, each with its own set of fees and differ from one jurisdiction to another.

Average Property Tax in DE (Delaware) Counties

Understanding average property taxes in different Delaware counties is crucial for homeowners and investors. It helps assess affordability, make county comparisons, plan finances, and guide investment choices. This knowledge informs budgeting, decision-making, and potential returns on real estate investments.

The data pertaining to property taxes in the three counties of Delaware, namely Kent, New Castle, and Sussex, provides valuable insights into the local tax landscape and its implications for homeowners and potential buyers. These figures not only reflect the differences in median home values across the counties but also shed light on the varying levels of property tax obligations and effective tax rates.


Kent County, with its median home value of $226,600, appears to offer a relatively favorable property tax environment. Homeowners in this county pay a median annual property tax of $1,263, resulting in an average effective property tax rate of 0.56%. This suggests that, on average, residents in Kent County allocate around 0.56% of their home's assessed value toward property taxes annually.


New Castle County, on the other hand, presents a somewhat steeper property tax burden. With a higher median home value of $266,500, homeowners here face a median annual property tax payment of $2,258, resulting in an average effective property tax rate of 0.85%. This means that property taxes in New Castle County consume a larger percentage of a homeowner's property value compared to Kent County.


Sussex County, with a median home value of $269,700, stands out for its relatively lower property tax obligations. Homeowners in Sussex County pay a median annual property tax of $1,120, with an average effective property tax rate of 0.42%. This suggests that, on average, homeowners in Sussex County allocate only 0.42% of their home's value to property taxes annually, making it an appealing choice for those seeking lower property tax liabilities.


These property tax statistics demonstrate the considerable variation in property tax burdens among Delaware counties. While New Castle County has the highest property tax payments and effective tax rate, Sussex County offers a more tax-friendly environment, with lower property tax expenses relative to home values. These insights can prove invaluable for residents and prospective homebuyers in making informed decisions about homeownership and understanding the financial implications of property taxes in different regions of the state.

What Property Tax Exemptions Are Available in Delaware?

Let's delve into four common property tax exemptions applicable in Delaware:


  1. Homestead Exemption. The homestead exemption protects or "exempts" equity in the home in which you reside. Delaware's homestead law calls for an automatic exemption that protects equity in a home up to $125,000 (as of 2012), given that the property must be the principal residence.

  2. Disabled Veterans Exemption. Disabled Veterans with a 100% disability rating who have been Delaware residents for at least three years qualify for a property tax credit of up to 100%. This credit may only be used against property taxes assessed on a primary residence.

  3. Senior Citizens Exemption. A real property tax exemption, in an amount of up to $5,000 of assessed value, from state or county taxes may be granted to residents 65 years of age or older, who have an annual income of $3,000 or less, and who own and occupy residential property located in Delaware for 10 years or more.

  4. Disabled Persons Exemption. Delaware City offers a tax exemption for qualified disabled persons. The exemption reduces the property’s taxable assessment by $40,000; the application must be made each year. Individual income may not exceed $20,000 (excluding Social Security or disability income) and household income may not exceed $25,000.

Property Tax Landscape in Delaware and Beyond

The property tax landscape in Delaware, as well as across the United States, is a complex and multifaceted domain that plays a critical role in funding local government services and infrastructure. In Delaware, property taxes are a significant source of revenue for counties, municipalities, and school districts. The state's property tax system is characterized by its assessment of property values, which are then used to calculate tax obligations. Different property types, such as residential, commercial, and industrial, can be subject to varying tax rates.


Beyond Delaware, property tax systems vary widely across states and even within local jurisdictions. Different states have distinct approaches to property taxation, including varying assessment methods, tax rates, and exemptions. Furthermore, local governments within states can have their own unique regulations and practices, contributing to the diversity of property tax landscapes. Property tax policies often reflect the economic and social priorities of a given region, and changes to these policies can impact homeowners, businesses, and local economies in significant ways.


As property taxes continue to shape local economies and government services, it's essential for residents, property owners, and policymakers to have a clear understanding of the property tax landscape. Staying informed about assessment methodologies, tax rates, exemptions, and potential reforms can empower individuals to make informed decisions about property ownership and contribute to discussions that influence the allocation of public funds.

Home Insurance

Home insurance, also known as homeowners insurance or property insurance, is a type of insurance policy that provides financial protection to homeowners against various risks and perils that could damage or destroy their property. This insurance coverage helps homeowners recover financially in case of unexpected events that result in damage to their homes, or belongings, or liability for injuries or damages to others that occur on their property.

Coverage Types and Options 

When it comes to protecting your most valuable asset, understanding your options is essential. Home insurance offers various types of coverage to ensure you're safeguarded against unexpected events. Here are some key coverage types:


  • Dwelling Coverage: This protects the structure of your home itself, including its foundation, walls, roof, and more.

  • Personal Property Coverage: Covers your belongings, such as furniture, electronics, and clothing, in case of damage or theft.

  • Liability Coverage: Offers financial coverage in the event someone gets hurt on your premises and you are deemed liable.

  • Additional Living Expenses: Helps with temporary housing and living expenses if your home becomes uninhabitable due to covered events.

Factors That Determine Coverage Needs for DE (Delaware)

When considering homeowners insurance in Delaware, there are several factors that will determine the coverage you need. These factors can vary from person to person, but it's important to understand them in order to make an informed decision about your policy. Here are some key factors to consider:

Location - The location of your home plays a significant role in determining your coverage needs. Delaware, while a relatively small state, presents varying risk factors across different regions. Its extensive coastline along the Delaware Bay and Atlantic Ocean makes coastal areas susceptible to hurricane-related risks, including storm surges and coastal erosion, with popular coastal cities like Rehoboth Beach and Lewes facing these challenges. Additionally, low-lying regions near rivers and streams can be flood-prone, particularly in cities like Wilmington and New Castle. In urban areas, such as parts of Wilmington, higher crime rates may be observed, warranting attention when evaluating neighborhoods. Delaware's vulnerability to hurricanes and sporadic tornado occurrences should also be noted. To assess these risks, consult local authorities and conduct thorough research before making housing decisions in Delaware.


  • Coastal Proximity - For homes located near the coast, there may be increased risks associated with hurricanes, storm surges, and coastal erosion. It's important to have coverage that protects your property from these potential threats.

  • Flood Zones -Delaware has areas prone to flooding, especially in low-lying regions. If your home is located within a flood zone, it's crucial to have flood insurance coverage, as standard homeowners insurance policies typically do not cover flood-related damages.

  • High-Crime Neighborhoods - Homes situated in areas with higher crime rates may require additional coverage for theft and vandalism. This can help protect your property and belongings in case of unfortunate events.

Dwelling Features - The characteristics of your home also influence your coverage needs. Factors such as the age, size, construction materials, roof type, and overall condition of your dwelling can impact the cost of insurance and the level of coverage required.


Property Value - The value of your home determines the amount of coverage you need to adequately protect your investment. It's essential to insure your home for its replacement cost, ensuring that you would receive enough compensation to rebuild or repair any damages.


Personal Belongings - The value of your personal belongings inside your home is another crucial aspect to consider. Expensive items such as jewelry, artwork, or electronics may require additional coverage through personal property endorsements or scheduled personal property policies.

Tips for Lowering Your Homeowners Insurance Premiums for DE (Delaware)

Homeowners in Delaware are often looking for ways to save on their insurance premiums. Here are some helpful tips to lower your homeowner's insurance costs:

  • Explore Options: Don't just accept the initial quote you get. Make an effort to obtain and compare estimates from several insurance providers.

  • Increase Deductibles: Think about increasing your deductible if you can afford a larger upfront cost during a claim.

  • Combine Coverage: A lot of insurance firms provide discounts when you merge various policies, like home and car insurance. Inquire about the potential savings when obtaining quotes.

  • Improve Home Security: Installing smoke detectors, burglar alarms, deadbolt locks, and other security measures can reduce the risk of damage or theft, leading to lower premiums. Be sure to inform your insurer once you have implemented these security features.

  • Maintain Good Credit: In many states, including Delaware, insurance companies can use your credit score to determine your premiums. Keeping a strong credit rating can assist in reducing your insurance premiums.

  • Stay Claims-Free: Building a claims-free history can often lead to discounts on your premiums. Avoid making smaller claims and save your insurance for significant losses.

By implementing these tips, homeowners in Delaware can potentially enjoy significant savings on their homeowner's insurance premiums while maintaining adequate coverage.

Trends in Homeowners Insurance Rates for DE (Delaware)

Homeowners insurance rates can fluctuate over time due to various factors. Staying informed about the trends in homeowners insurance rates helps homeowners in Delaware make educated decisions regarding their policies. Here are some recent trends worth considering:


  • Increasing Material and Labor Costs: The cost of building materials and labor can impact homeowners insurance rates. In recent years, the rising prices of construction materials and the demand for skilled labor have contributed to an increase in insurance premiums.

  • Climate Change Impact: Climate change can result in an increase in severe weather events, including hurricanes, storms, and floods. These events can cause significant property damage and result in insurance companies adjusting their rates accordingly.

  • Technological Advances: Advancements in technology have led to improved methods of assessing risks and deciding insurance premiums. Insurance companies are increasingly leveraging data and analytics to determine rates, resulting in more accurate pricing based on individual risk profiles.

  • Market Competition: The competitive landscape among insurance companies in Delaware can influence rates. When multiple insurers compete for customers, it can lead to more competitive pricing and potential savings for homeowners.

  • Legislative Changes: Changes in local or state laws can also impact homeowners insurance rates. It's important to stay informed about any regulatory changes that may affect your premiums.


Keeping an eye on these trends helps homeowners in Delaware understand the factors driving insurance rates and make informed decisions when purchasing or renewing their policies.

Average Homeowners Insurance Costs for DE (Delaware)

Understanding the average homeowners insurance costs in Delaware provides homeowners with a benchmark for comparison. While individual premiums can vary based on numerous factors, here is an overview of the average costs in the state:


  • In August 2023, the average yearly cost of homeowners insurance in Delaware is $918, amounting to $77 per month—a relatively affordable option. This cost is notably 48% less than the national average expenditure of $1,754 per year.

  • This average cost, however, can vary depending on the factors discussed previously, such as location, dwelling features, property value, and personal belongings.
  • Coastal properties or areas prone to flooding may experience higher premiums due to increased risks.


  • It's important to note that this average cost is for a standard homeowners insurance policy and does not include any additional coverages or endorsements.


  • Homeowners should request personalized quotes from insurance companies to obtain accurate estimates based on their specific circumstances.


By understanding the average homeowners insurance costs in Delaware, homeowners can better budget for their insurance expenses and ensure they have appropriate coverage without overpaying.

Delaware State Average Insurance Premiums by Dwelling Limit

The data presented here provides a clear snapshot of Delaware's property tax system, which is structured in a way that links property values to annual tax obligations. In this context, property taxes are often a significant source of revenue for local governments and are used to fund essential public services like education, infrastructure maintenance, and public safety.


The progressive nature of Delaware's property tax system means that homeowners with more valuable properties are required to contribute a proportionally larger share of the tax burden. For example, a homeowner with a property valued at $750,000 pays significantly more in property taxes annually compared to someone with a $250,000 property.


This approach aims to ensure that those who benefit more from the local amenities and services available in higher-valued areas contribute their fair share toward their maintenance and improvement. It's essential for homeowners and potential buyers in Delaware to understand these property tax dynamics as they play a significant role in the overall cost of homeownership and should be factored into their financial planning.

Mortgage Resources in DE (Delaware)

Mortgage resources refer to various tools, information, and support available to individuals seeking to obtain or manage a mortgage loan.  Mortgage resources are valuable for both first-time homebuyers and existing homeowners looking to refinance or better understand their mortgage options.

Brighton Bank Mortgage Services

Are you looking for reliable mortgage services in Delaware? Look no further than Brighton Bank! We are dedicated to helping you achieve your homeownership dreams with our range of mortgage solutions tailored to meet your unique needs. Whether you're a first-time homebuyer or a seasoned real estate investor, Brighton Bank is here to assist you every step of the way.

Why Choose Brighton Bank for Your Mortgage Needs?

1. Personalized Service: Our team of experienced mortgage experts will work closely with you to understand your financial goals and find the right mortgage product that fits your budget and lifestyle.

2. Competitive Rates: We offer competitive interest rates and loan terms to help you save money over the life of your loan. Our goal is to make homeownership affordable for you.

3. Simple Pre-Approval Process: Getting started on your homeownership journey is easy with Brighton Bank. You can kickstart the pre-approval process today with just a few simple steps.

Start Your Homebuying Journey with Brighton Bank

Ready to take the first step towards homeownership in Delaware? Click the button below to begin the pre-approval process with Brighton Bank. Our team is excited to work with you and help you achieve your homeownership dreams!

Local Economic Factors in DE (Delaware)

Beyond your mortgage payment, it's essential to consider the local economic factors that can impact your financial stability and property value in Delaware:

  • Employment Opportunities: The availability of jobs and the health of local industries play a role in your financial security and ability to meet mortgage payments.

  • Market Trends: Real estate markets can experience fluctuations in prices. Our team can provide you with insights into current market trends to assist in your decision-making.

  • Infrastructure and Development: Development projects, transportation networks, and infrastructure improvements can affect the desirability and value of properties in certain areas.

  • Property Value Trends: Understanding how property values have changed over time can give you a sense of the potential appreciation of your investment.

Terms Explained

Using a mortgage calculator is a simple and efficient way to estimate your monthly mortgage payment. By entering essential details like the loan amount, interest rate, and duration of the loan, you can swiftly determine your monthly payments. It's crucial to note:

  • Loan Amount (Principal): This is the total amount of money you're borrowing to purchase the property.

  • Interest Rate: This is the annual interest rate on the loan. Make sure to convert this to a decimal by dividing it by 100.

  • Loan Term: The loan term is the number of years you have to repay the loan. It's usually expressed in years. Typical loan terms are 15, 20, or 30 years. A longer-term typically results in lower monthly payments but more interest paid over time.

  • Down Payment: The down payment is the initial amount of money you contribute toward the purchase price of the home. It's usually a percentage of the home's price, and a larger down payment can result in lower monthly payments.

  • Amortization: Amortization is the process of gradually paying off your mortgage over time through regular monthly payments. Early on, a larger portion of your payment goes toward interest, while later in the loan term, a larger portion goes toward paying down the principal.

  • Closing Costs: These are the fees associated with finalizing the mortgage and completing the home purchase. They can include things like appraisal fees, attorney fees, title insurance, and more.

  • Housing Market: The housing market refers to the buying and selling of residential properties. It includes all the activities and transactions related to homes, apartments, and other types of housing.

  • Mortgage: A mortgage refers to a loan acquired to buy a home, where the property acts as security for the borrowed amount.

  • Private Mortgage Insurance (PMI): A type of insurance that is often required by lenders when a borrower puts down less than 20% of the home's purchase price as a down payment. It's commonly used to mitigate the increased risk associated with lower down payments.

  • Debt-to-Income Ratio: A financial metric used by lenders to assess a borrower's ability to manage their debt payments in relation to their income. The DTI ratio helps lenders evaluate the borrower's financial stability and the likelihood of repaying the loan.

Frequently Asks Questions About Mortgages in Delaware

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