Green Mortgage – Found Money


Green mortgages, or energy efficient mortgages, allow homeowners to use their commitment to the environment to leverage bigger loans. The green mortgage was born in 1979 when President Jimmy Carter signed an executive order directing federally sponsored secondary market institutions to offer consumers incentives for energy-efficient homes. The concept is based on the premise that a more energy efficient home will have lower utility bills. That savings can be considered income, allowing a homebuyer to qualify for a bigger loan.

To apply for one, you’ll need to provide a Home Energy Rating System report. HERS reports indicate that your house meets all energy efficiency guidelines. Homeowners looking to upgrade their home’s energy efficiency can commission a trained Energy Rater to issue a HERS report suggesting efficiency improvements, and estimate the cost of those improvements, as well as the savings. (The cost is usually a few hundred dollars.) A builder can provide proof for a new home.

Original article by The Daily Green Staff.

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