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Financing Q & A

Financing can be an intimidating process, especially for the first-time homebuyer.

Below are the answers to some frequently asked questions.


   1.  How much can I borrow?

    • The general rule of thumb is 2 to 2.5 times the annual household income

   2.  How much money will I need at closing?

    •  Closing costs average about 6% of the purchase price.     

   3.   What is included in that 6%?

    •   The Mortgage Application fee, appraisal fee, bank attorney's fee, title insurance, recording fees and mortgage tax, reimbursement for paid property and school taxes, setting up an escrow account and per diem interest.

   4.    Does the 6% include everything?

    •   You may also need money for things like reimbursing the seller for fuel oil or propane left in the tank.

   5.      What if I don't have that much saved up, should I wait before buying a home?

    •  Although it is always a good idea to have some savings set aside when buying a home, it may not be necessary for you to have the full amount needed for closing costs. In many instances a buyer can roll the closing costs into their mortgage, allowing them to purchase a home with very little money out-of-pocket. This is known as a Seller's Concession. There are factors to take into consideration such as the type of loan program you are using, the amount of money you are approved for and the value of the home you are purchasing, so it is important to discuss this information with your realtor or lender.



Featured Lender

Tim Murphy
M&T Bank



The Bank of Greene County


Happy Retirement
Tom Johannessen!!

After many years of helping
people obtain the dream of
owning a home,
Tom & Dawn Johannessen of
Johannesen Consulting Inc.
have closed their business.

We wish you both the best
and Thank You for
all of your help!




Our Location:

389 County Route 406, South Westerlo, NY 12083
phone: 518-966-4792  fax: 518-966-5509

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