If your plan is to buy a home in Delaware, you need to do a little research toi make sure you get the best mortgage rate you can. Where your mortgage rate is set will be based on a variety of factors, which can include but aren’t limited to your personal credit score, how much of a down payment you’ve saved, your monthly income, and your debt-to-income ratio.
You can improve your chances of qualifying for the best mortgage rate in Delaware by applying for preapproval by a reputable mortgage l;ender, but make sure to gather all of your documentation and check your credit first to make sure there are no surprises.
Here’s a quick look at current Delaware mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.624% | 6.699% | Unchanged |
| Conventional 20 year fixed | 6.491% | 6.583% | Unchanged |
| Conventional 15 year fixed | 6.114% | 6.234% | Unchanged |
| Conventional 10 year fixed | 5.857% | 6.02% | Unchanged |
| Conventional 5 year ARM | 6.667% | 7.372% | Unchanged |
| VA 30 year fixed | 6.112% | 6.389% | +0.29% |
| VA 15 year fixed | 5.473% | 5.999% | Unchanged |
| VA 5 year ARM | 6.188% | 6.514% | +0.01% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Having happy fantasies about buying a home in Delaware? Now might be just the right time to purchase your dream home in the Diamond State. Here’s what you need to know:
Delaware has plenty of lovely cities to live in. The state is called home by just over 900,000 people, and nearly one in five live in the city’s top five biggest cities:
Home prices run the gamut in Delaware. The state ranks 23rd in US homes for sale at average price, and 41st for homes over $1,000,000. Apply for preapproval before you house hunt, and discover what your true budget is.
It can be helpful to a first-time home buyer to find out if you qualify for assistance through a program administered by the Delaware State Housing Authority’s (DSHA.)
The DSHA Homeownership Loan Program offers 30-year fixed-rate loans up to $417,000 with competitive interest rates, which can be combined with down payment and closing cost assistance.
Down payment and closing costs assistance is supplied through the DSHA Preferred Plus
program which offers homebuyers a no-interest second mortgage equal to 2%-5% of your overall loan amount that doesn’t have to be repaid until you move out, sell your home, refinance your first mortgage or stop using the home as your primary residence.
To qualify for these programs, you’ll need:
If you want to refinance a home in Delaware to leverage lower Delaware mortgage rates, you can do any of the following:
There’s always a possibility you can qualify for a streamlined refinance if you have a specific type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.