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Small-town living in Goldsboro

Goldsboro was once a lucrative crossroads town famous for fishing, agriculture, and trapping. Today, Goldsboro offers the small-town charm of rural life. Located on the eastern end of Maryland close to the Delaware border, Goldsboro is a short drive away from several bodies of water, neighboring cities, and recreational activities. The city offers perfect single-family homes or plots of land to build on.

Seek solace in rural Goldsboro

Great location for low-cost buying or building

Goldsboro's distinct appeal is the picturesque peace and quiet of the countryside. With only a few hundred residents, there are limited amenities in the immediate area, so personal transportation is a must. However, Goldsboro residents live a short drive away from popular entertainment spots such as kid-friendly museums, parks, and locally-owned shops. Explore neighboring cities or cozy up to popular community watering holes. Whether you're looking to buy or build, Goldsboro has home options suitable for just about everyone. Goldsboro offers plenty of open plots of land, making this an ideal place to build traditional or manufactured homes. With affordable housing prices, it's a great place to settle down and call home. Take the worry out of buying with a loan from Earnest.

Your new Goldsboro home awaits

Love your new home with help from Earnest

It's easy to get swept up in the excitement of buying a home. Comparing prices, mortgage rates, and locations can be overwhelming. At Earnest, we're dedicated to helping you make the most informed choices for you and your family. We offer a suite of tools designed to help streamline the buying process no matter what your needs are. Balance your budget and needs in one place. Easily compare Goldsboro neighborhoods and see what the area has to offer. We help you determine your target home price by looking at your financial profile and housing needs. Escape to the quiet countryside in Goldsboro and enjoy your new home without the hassle.

Common Questions About Buying a Home in Goldsboro

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

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The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.