Mortgage Broker Actively Promotes Energy Efficient Homes

Many homeowners are selecting insulating concrete forms (ICFs) and other concrete wall systems for their new homes, in large part due to their superior energy efficiency. However, most may not realize that there are financial benefits available to them beyond saving money on their utility bills and homeowners insurance. A number of mortgage lenders are now offering Energy Efficient Mortgages (EEMs) to clients who are purchasing a home or retrofitting an existing home to meet certain energy efficiency guidelines. An EEM takes the expected lower energy bills into account when determining the available loan amount and debt-to-equity ratio. In most cases the homeowner can borrow a greater amount of money with an EEM than with a traditional mortgage, and may even receive an equity credit which would allow them to eliminate private mortgage insurance (PMI).

Energy Efficient Mortgages are offered by several mortgage lenders through Fannie Mae, the Federal Housing Administration (FHA) and the Veterans Administration (VA). Once a homeowner has been prequalified for the mortgage, the next step is to perform a Home Energy Rating System (HERS) audit on the home. The report generated by this audit will list the energy efficiency aspects of the home, their installation cost, the estimated savings in monthly operating costs and the payback period of the energy upgrade.

Although several mortgage lenders now offer EEM's, it can often be a frustrating experience for a homeowner to find someone within the company that knows the particulars about the program and how to apply for these types of mortgages. One mortgage broker that has taken a proactive stance in heavily promoting EEM's is Priority Mortgage Corp, based in Lansing, Michigan. Indigo can currently offer mortgages in 37 states and is a registered partner of the government-backed Energy Star program that serves to educate the public and the homebuilding community about energy efficient technologies. In addition to homeowner mortgages, the company also offers construction loans that are geared towards energy-efficient builders.

To learn more about Priority Mortgage Corp and the Energy Efficient Mortgages that they offer, visit their informative website at www.energystarloans.com.