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November 19, 2017  |  Login
Green Mortgages
A green mortgage is a mortgage that provides a larger loan or a money-saving discount for installing energy-efficient modifications or building an energy-efficient home. Officially termed Energy Efficient Mortgages (EEMs) or Energy Improvement Mortgages (EIMs), “green mortgages” were created to help buffer the costs of building or installing energy-efficient fixtures or materials, making it easier for homeowners to qualify for loans. Although these products typically pay for themselves and more over time, initial costs are often high, creating the need for additional loans, or green mortgages. These mortgages function on the principle that building or remodeling energy-efficient homes will produce lower utility bills and a higher income for homeowners, allowing them to buy more expensive homes.

Because of the larger total sum that green mortgages provide, a homeowner’s monthly mortgage rate will increase slightly. Over the building’s lifetime, however, installation of energy-efficient fixtures and materials will significantly reduce energy use and utility bills, typically covering the initial building costs over their lifetime. To find a green mortgage, inquire at your local loan and mortgage lenders.

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