You might be thinking of financing for buying a green home when you hear the word green mortgage. Well, it sounds like that but green mortgages are not the kind of mortgage that you apply for when financing a green home. This type of mortgage takes into account the efficiency of a home in terms of saving energy. If the borrower's utility bills are lower, or if it's intended for investing in home improvements that can lower energy consumption in the home, some lenders offer discount in the standard variable rate.
Energy efficient mortgage (EEM) or eco-mortgage are other names for green mortgages. They are made a little more affordable compared to other types of mortgage. If you are planning to apply for this kind of loan, you need to have your home rated by Home Energy Rating System. The rating, which is usually between 1 and 100, is done based on the property's utility rates, appliances, climate, windows and insulation. There will be a specialist who will visit your Chester Springs Real Estate and energy-audit your property. The person in charge will calculate how much energy is used by your refrigerator, heating and cooling systems and so on. The closer your score to 100, the more energy efficient your home is and the more likely that the lender will approve your green mortgage.
This kind of mortgage is becoming popular these days. Nowadays, people especially homeowners want to live according to their environmental convictions and live in a clean and safe environment. Living in a less energy-efficient home can affect your monthly mortgage payments especially if it goes up and down every month. In this case, green mortgage has a lot of benefits. It allows you to purchase a bigger and nicer home where utility bills are lower.
These are the different types of Green mortgages or Energy Efficient Mortgages - the Federal Housing Adminstration (FHA) EEM where potential borrowers can add up to a maximum of 5% of the home's value to the mortgage amount; the Veteran's Administration EEM which is generally for eligible members of the military where loan rangers from USD$3000 and USD$6000 and; the Conventional EEM where the projected energy savings obtained after the calculation is then added to the amount of the mortgage.
Homeowners must be reminded that an energy-efficient home can save them as much as half of their home energy costs. This savings can inevitably benefit them in the long run. Many people are discovering the benefits of 'green' mortgage as housing prices and energy costs are simultaneously rising. Going green may make up still a tiny percentage among homeowners and there is still more information to be released regarding the benefits of green mortgages.
Energy efficient mortgage (EEM) or eco-mortgage are other names for green mortgages. They are made a little more affordable compared to other types of mortgage. If you are planning to apply for this kind of loan, you need to have your home rated by Home Energy Rating System. The rating, which is usually between 1 and 100, is done based on the property's utility rates, appliances, climate, windows and insulation. There will be a specialist who will visit your Chester Springs Real Estate and energy-audit your property. The person in charge will calculate how much energy is used by your refrigerator, heating and cooling systems and so on. The closer your score to 100, the more energy efficient your home is and the more likely that the lender will approve your green mortgage.
This kind of mortgage is becoming popular these days. Nowadays, people especially homeowners want to live according to their environmental convictions and live in a clean and safe environment. Living in a less energy-efficient home can affect your monthly mortgage payments especially if it goes up and down every month. In this case, green mortgage has a lot of benefits. It allows you to purchase a bigger and nicer home where utility bills are lower.
These are the different types of Green mortgages or Energy Efficient Mortgages - the Federal Housing Adminstration (FHA) EEM where potential borrowers can add up to a maximum of 5% of the home's value to the mortgage amount; the Veteran's Administration EEM which is generally for eligible members of the military where loan rangers from USD$3000 and USD$6000 and; the Conventional EEM where the projected energy savings obtained after the calculation is then added to the amount of the mortgage.
Homeowners must be reminded that an energy-efficient home can save them as much as half of their home energy costs. This savings can inevitably benefit them in the long run. Many people are discovering the benefits of 'green' mortgage as housing prices and energy costs are simultaneously rising. Going green may make up still a tiny percentage among homeowners and there is still more information to be released regarding the benefits of green mortgages.
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Green mortgage or Energy efficient mortgages (EEM) are becoming popular among home buyers. Talk to your agent if you want to apply for this kind of loan. Make sure that your Real Estate in Chicago IL are energy efficient so you can qualify. People can now become an environmentalist even in financing their Spring Hill homes.
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