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Green Mortgages Financing Energy Efficient Homes

July 9, 2024 by Kay Monigold

What is a Green Mortgage?

A green mortgage is a type of home loan designed to incentivize energy-efficient building practices. These mortgages are specifically tailored for properties that meet certain environmental standards, encouraging homeowners and buyers to consider energy efficiency as a key factor in their purchasing decisions.

Benefits of Green Mortgages

Lower Energy Bills

One of the most immediate benefits of investing in an energy-efficient home is the reduction in utility costs. Homes that meet green mortgage criteria often feature advanced insulation, high-efficiency HVAC systems, and energy-saving appliances, all of which contribute to significantly lower energy consumption and, consequently, lower energy bills.

Improved Home Value

Homes with green certifications tend to have higher resale values. As awareness of environmental issues grows, more buyers are looking for properties that are not only comfortable but also sustainable. This makes green-certified homes a valuable asset in the real estate market.

Healthier Living Environment

Green homes often use non-toxic materials and provide better air quality, leading to a healthier living environment. Features like improved ventilation systems and moisture control can reduce the presence of allergens and other pollutants, creating a more comfortable and healthy home.

How to Qualify for a Green Mortgage

Energy Assessment

The first step to qualifying for a green mortgage is to have an energy assessment conducted on your home. This assessment will evaluate the property’s energy efficiency and identify areas for improvement. The results will help determine whether your home meets the criteria for a green mortgage.

Meeting Standards

There are several green building standards that homes can meet to qualify for a green mortgage, including LEED (Leadership in Energy and Environmental Design), Energy Star, and the Home Energy Rating System (HERS). These standards cover various aspects of energy efficiency, from insulation and windows to heating and cooling systems.

Financing Options

FHA Energy Efficient Mortgage (EEM)

The Federal Housing Administration (FHA) offers an Energy Efficient Mortgage program that allows borrowers to finance energy-saving improvements as part of their home loan. This program is designed to make it easier for homeowners to afford the upfront costs of energy-efficient upgrades.

Fannie Mae Homestyle Energy Mortgage

Fannie Mae’s Homestyle Energy Mortgage allows homeowners to finance energy-efficient improvements, renewable energy systems, and water efficiency upgrades. This mortgage can be used for new purchases or refinances and provides up to 15% of the property’s as-completed appraised value for these upgrades.

Making the Switch

Transitioning to a green mortgage can seem daunting, but the long-term benefits make it worthwhile. Not only can you enjoy lower energy bills and a healthier living environment, but you’ll also be contributing to a more sustainable future. Whether you’re buying a new home or upgrading your current one, exploring green mortgage options can be a smart financial and environmental decision.

Green mortgages represent a growing trend in the housing market, reflecting the increasing importance of sustainability. By investing in energy-efficient homes, you’re not just saving money; you’re also making a positive impact on the planet. If you’re in the market for a new home or considering refinancing, a green mortgage might be the perfect fit for you.

Filed Under: Homeowner Tips Tagged With: Eco Friendly, Energy Efficient Mortgage, Mortgage

4 Top Sustainable Home Trends

August 9, 2018 by Kay Monigold

4 Top Sustainable Home TrendsThe emergence of sustainable energy and products have solidified the go-green movement. Solar energy and electric cars are just the tip of the iceberg.

The impact of products on the environment has become a significant measure about their value. Those same principles are also being applied to homes. Smart homes and energy efficiency have a direct correlation to home values and listing prices. That’s why homeowners and home builders alike have an eye toward sustainable trends. These are some of the top-ranked home trends.

1: Durability Matters

After the catastrophic weather that damaged and destroyed homes in Florida and the Gulf states, “resiliency” has emerged as a key sustainability term. Contractors and home designers are including materials that stand up to extreme weather. These materials also consider toxicity levels, with the most non-toxic being among the more favorable. The storms will come, but how properties resist them and impact the environment afterwards are important sustainability trends.

2: Natural Light Keeps Trending

The use of sustainable solar energy has prompted many to go directly to the source. Large skylights and windows allow natural light to warm homes and reduce the need for electric lighting. Natural light also helps stave off Seasonal Affective Disorder during shorter winter days. Simply put, incorporating natural light resources is a trend that builds off of solar energy thinking.

3: Water Filtration Systems

It’s no secret that municipal water supplies have been compromised on occasion. This trend that started ramping up in 2017 continues to have legs as homeowners are securing water purity. In terms of sustainability, homeowners with water filtration systems have been utilizing them as a method to reduce the amount of bottled waters they purchase. Above and beyond the cost-saving benefits, the reduction in unsustainable plastics is helping to protect the environment.

4: Electric-Only Homes

The high carbon emissions from fossil fuels has motivated environmentally conscious Americans to turn to wind and solar. These days, improved energy storage from high-capacity lithium batteries has opened the door for homes to go all-electric. This appears to be an emerging trend that could pick up additional steam as energy storage technology moves forward. Electric-only homes could be a major step in allowing average homeowners to get off the grid. This trend is not only sustainable for the environment, it lessens the monthly impact on wallets.

Living in the technology era means that change can occur rapidly, and green-friendly homeowners may want to stay up to date on the latest sustainable home trends. They could improve home values going forward.

Whether you are in the market for an eco-friendly home or want to make improvements to your existing home, contact your trusted mortgage professional to explore all of your financing options.

Filed Under: Real Estate Tagged With: Eco Friendly, Green Living, Real Estate

Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Ron MartinRon Martin
Residential Mortgage Loan Originator

NMLS#316821

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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