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Get a Greensboro mortgage today

Greensboro has a lot of family friendly charm about it. Many families call Greensboro home and it's a great time to move there. Greensboro is near major cities without being too close, so you don't have to worry about the cost of bigger cities and can still enjoy the perks of being nearby. There's plenty to do in Greensboro, and there are some very nice, unique, and spacious homes available for extremely low prices that you'd have trouble finding in other cities and states.

Unlock your new front door in Greensboro

With help from Earnest, homeownership has never been so easy

Home values continue to rise in Greensboro, and it's a great time to make the decision and invest in property that will surely grow in value over the years. According to Zillow, listing prices began to increase sharply just this year, and with the market being much more stable than years ago, it's a great time to purchase your investment for your family will enjoy for generations. Mortgage rates have been consistent for some time as well and Earnest can help make sure that you get a great rate. According to Bankrate, 30-year fixed mortgage rates are sitting right around 4.13 percent but some rates are as low 3.5 percent. There are many factors involved and Earnest can help take you through all of them to get you the best deal available within your budget and financial goals.

Greensboro mortgages will take you home

You're almost home when you've got a mortgage from Earnest

If this is your first time buying a home then there's nothing to worry about. Earnest can help guide you through the process and get you taken in between. Earnest can help keep you within your budget and also help make sure you have all the discounts that you may qualify for. They can help guide you down the path to the home that you truly desire at the best price available to you. If you've been tossing around the idea of refinancing your home, then allow Earnest to help you. They can make sure you get the most money available to you so you can focus on the project or even that you need the money for.

Common Questions About Greensboro Mortgage Rates

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.