Save Money – House Energy Friendly
It is known as an Energy-Efficient Mortgage or EEM and many lenders offer them to home buyers with energy conservation in mind.You can check with banks and other institutions who can help guide you in the right direction in finding this great opportunity.
The energy rating literally assesses the amount of energy used based on the type windows that are installed in the home, the amount and type of insulation, as well as the appliances your home uses. The better quality the structure and the least amount of air leakage in ducts, the better the energy rating the house will get.
A very common rating is the Home Energy Rating System or HERS, and you can find companies or individuals who can diagnose a house and give it this rating.The person who does the rating is either a certified rater or energy auditor who uses information gathered from the house, inputs it in a computer program, and then produces a report. This report is used to rate the house and give it a score from 1-100. There is then a scale of 5 stars that correspond to the amount of points the house has earned.
The lender, however, may prefer you to use alternative energy audits that will determine the same type of information that the lender will use to assess the amount and terms of the EEM.
What the EEM is achieving is the ability for a home owner to take out a loan in order to make the necessary home improvements that will save more money than the loan costs itself. There will be considerable long term savings as well, after the loan costs and savings break even.
The home owner has between about 90 and 180 days to have the improvements made to the home. The loan amount, usually about 150% of the total cost of improvements, is placed into an escrow account by the lender and the lender pays the contracting company directly if so requested. This leaves the home owner out of the transaction so he or she will not be responsible for the transaction itself.
So you think your home could be more energy efficient? And that your energy bills could be much lower than what they are? Consider an Energy-Efficient Mortgage and begin taking steps to getting your home retrofitted for a new life of energy conservation and more money in the wallet. Not only that, you get to experience a more efficient and comfortable home after all the necessary improvements are complete.
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