Danya has found her dream home, and it’s on the market of $200,000. Each of these is a way she can decrease the total amount she’ll pay EXCEPT
Danya has found her dream home, and it’s on the market of $200,000. Each of these is a way she can decrease the total amount she’ll pay EXCEPT
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Danya can decrease the total amount she’ll pay for her home by making a larger down payment, negotiating a lower purchase price, securing a lower interest rate, or shopping for better insurance. However, one option that would not decrease the total is if she decides to take a longer loan term, like choosing a 30-year mortgage over a 15-year mortgage. This would actually result in her paying more interest over time, increasing the total amount she pays for the home.
So, the answer is: Choosing a longer loan term (e.g., 30-year) instead of a shorter one (e.g., 15-year).