Financing home energy improvements couldn’t be easier!
Tired of the high cost of energy? Need to replace or upgrade your furnace, water heater, windows, doors, insulation, or air conditioner but don't need another monthly bill?
The secret is to find a lender who offers Energy Improvement Mortgages. It takes a little effort but can pay off big-time. Talk to people at banks in your area, check with mortgage brokers and do a little Internet searching and you'll find it's hard to find lenders who have this type of financing for home buyers, sellers, or even people wanting to remodel their current homes. We can provide you with contact information of lenders that understand this type of financing. Homeowners will enjoy lower utility costs while sellers of efficient homes have an extra marketing advantage over less-efficient homes.
An energy-efficient mortgage is based on recognition that lower monthly utility bills mean more money in your pocket, money you can use to pay a slightly bigger mortgage on a home that might be better than you could afford without the utility savings.
The basis of an energy-efficient mortgage is a home inspection by an energy rater, who will put together a detailed report on the home's current efficiency, and documenting how suggested improvements will save energy.
Once you've had the rating completed, you’ll meet again with your energy rater to discuss potential improvements and their costs. Once you’ve decided which improvements are right for your situation the list of improvements will go to your lender.
MSHDA Home Improvement Loans
Spreading the cost of energy improvements over the life of the mortgage generally means a modest increase in the mortgage but energy savings that exceed that higher payment.
By factoring in the money you'll save by lowering utility bills, mortgage companies can give you a higher debt-to-income ratio in your application. This can mean you now qualify for a house that costs more than you could afford without that savings, meaning a bigger home with energy savings offsetting the higher cost over a lower-priced one.
Aside from the economic benefits, energy-efficient homes also mean more comfortable homes, usually with less outdoor air, noise and insects getting inside. Getting rid of drafty areas, ''hot spots'' and other problems often found in homes that are not efficient mean you'll enjoy your home even more.
And as energy costs continue to go up, the utility savings become even greater.
For Energy Audits and information on Energy Improvement Mortgages call;