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Beautiful homes at prices you won't believe

Greensboro is a lovely town that may be smaller than other towns, but it's still near enough to larger cities so you can enjoy the benefits without all the hassle and cost that would come with living there. There is a lot of character in Greensboro, and it’s rich in history. Large and unique homes are available at great prices and there are even homes with a lot of surrounding property so you can get a lot for your money in Greensboro.

Experience Greensboro today

Experience Greensboro today

Greensboro is a nice and prosperous little town. According to City-Data, median household income has almost doubled since 2000. There is less crime than the US average, and in terms of work, there are plenty of jobs to choose from. Unemployment has been sharply declining since 2010 and there are many different industries to choose from; some of the biggest industries include construction, education, administration, and retail. There's something for everybody in Greensboro. If you want to continue your education then you have plenty of choices there as well. There are seven colleges and universities less than 50 miles away from Greensboro, so you have plenty of different choices and a short drive so you can stay in the super affordable yet beautiful Greensboro.

Save money while living in a nice town

Greensboro is a nice town that's affordable and near big cities

Greensboro is a lovely town, but you'll want to make sure you have personal transportation. Walkability gave it a 43 out of 100 and recommends a car for most errands. There are lots of different types of homes available for purchase in Greensboro. Trulia reports that there are plenty of extremely nice homes of varying different sizes that are available for under $120,000, and many homes have been remodeled as well. There are plenty of good schools to choose from in Greensboro with five different elementary schools and a few different middle and high schools. According to City-Data, there are a few different parks that are located in the city if you're looking for a day outside, and there are also 12 full service restaurants to enjoy as well.

Common Questions About Buying a Home in Greensboro

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.