Green Mortgages: Home Loan Products that Save the Earth
One of the biggest trends right now is green investing. People want to feel as though they are helping the Earth (or at least not hurting it) as well as make money. Indeed, from investing in renewable energy funds to favoring companies with green practices, green investing is starting to get top billing from a variety of conscientious investors. 
And on the real estate investment front, there are vehicles such as green-friendly REITs and a green building trend that is becoming quite popular across the U.S.
And the latest to get in on green act? Home mortgage lenders. Green mortgages that offer home loan products based on your willingness to adhere to energy-efficiency standards. You can save thousands in closing costs with home mortgage lenders like Bank of America, Citigroup and JP Morgan Chase if you are willing to get a home that is rate high in the energy-efficiency category.
The Wall Street Journal reports that it’s not all just about a desire to save the Earth:
While energy-efficient mortgages have been available from many lenders for some time, they are receiving renewed attention. They allow borrowers to qualify for bigger loans because lenders permit the estimated savings on utility bills to be added to the borrower’s qualifying income. For example, energy-efficient improvements could save a homeowner $50 a month. The $600 extra a year could allow a person to borrow about $10,000 more on a 30-year mortgage, depending on the interest rate, says Mark Wolfe, executive director of the Energy Programs Consortium, a Washington, D.C.-based nonprofit that helps coordinate state and federal energy policy.
Everyone wants more green. Home mortgage lenders want to be able to lend out more (getting it back in interest), and you want to be able to save money. And who wouldn’t want to save the Earth?
Incidentally, this also works in terms of a second home mortgage. You can get these green mortgages and other home loan products to allow you to upgrade your home to greater energy-efficiency. Check with local home mortgage lenders to find out if they offer incentives for energy efficient homes. If so, you could save thousands in fees, as well as saving money in energy costs.
Tags: green building trend, green mortgages, home mortgage lenders, home loan products,
second home mortgage, renewable energy funds, real estate investment
October 10th, 2007 at 2:51 pm
Startlife is a broker in Arizona and California offering up to $4000 back in Federal and State rebates to people interested in our Green Loan. We are the official Green Loan broker and install environmentally friendly home products which we wrap into our HUD approved loan. If anyone is interested, please visit www.startlife.com
October 15th, 2007 at 11:30 am
[…] out there that promote green practices – practices that can save you money in energy bills. Green mortgages are perhaps among the more interesting offerings. These home mortgage programs mostly affect those […]