The Energy Efficient Mortgage is waiting for you to come calling. It's the best mortgage product that almost nobody knows about. I've written about it a number of times here in our blog, spoken about it at conferences, done a webinar on it, explained it to people till I'm blue in the face — well, OK, I guess I've never had my face turn blue, but it's something I am passionate about.
So, for all of you reading this who've never heard of Energy Efficient Mortgages (EEMs) or who have heard of them but don't know much more or who know a lot but maybe still don't get that they're for you, here's my list of things you should know about the lonely EEM.
- You can probably qualify for $5000 to $15,000 in energy improvements with an EEM.
- There's an extra $2000 available for 'weatherization' that you can add to the EEM energy improvement amount.
- Your home will be more comfortable after the work is done because you'll probably be getting your home air sealed, thus eliminating drafts.
- A high percentage of existing homes are good candidates for EEMs.
- Window and HVAC replacement often aren't cost-effective enough to include in an EEM but can be covered as long as the whole package is cost-effective (and you qualify for enough money to include them).
- A home energy rater who knows the process is crucial to the success of the EEM energy improvement work. If they know what they're doing, the closing doesn't get delayed, the pricing is accurate, and they act as project manager to ensure that everything that's supposed to happen actually happens — on time!
- Even though you're borrowing more money, you don't have to pay a higher down payment. The energy improvement package is excluded.
- Passive and active solar energy systems (water heating, photovoltaics...) can be included.
- As energy costs rise, the value of the energy efficiency improvements rises. Each year, you save even more money!
- The home energy improvements you make can help you qualify for thousands of dollars in rebates and tax incentives.
What are you waiting for!? If you're buying a home or refinancing, you should definitely look into doing it with an Energy Efficient Mortgage.
EEM Training for HERS Raters, Lenders, and Real Estate Agents
If you're looking to figure out the details of putting EEMs to work in your business, our friends over at EEM Training can help.