Banks are increasingly recognizing the fact that a homeowner who spends money to improve the energy efficiency of their home ends up have extra money in their pocket at the end of the month - and this can help tip the balance in your favor of getting a higher mortgage amount with an Energy Efficient Mortgage.
Fannie Mae has published the following comparison of a standard home mortgage to an energy efficient home mortgage. Keep in mind this was published a while ago and mortgage rates are even LOWER right now, so your savings could be higher.
|
|
Non Energy Efficient Home |
Energy Efficient Home |
|
Purchaser Price |
$200,000 |
$203,000 |
|
Borrower Contribution |
$6,000 |
$6,090 |
|
Loan Amount |
$160,000 |
$162,400 |
|
Interest |
5.85% |
5.85% |
|
Monthly PITI |
$1673 |
$1698 |
|
Average electric Bill |
$186 |
$93 |
|
Total Expenses |
$1859 |
$1791 |
|
Qualifying Income |
$49,000 |
$48,584 |
|
Monthly Savings |
|
$68 |
Note this example also assumes a builder will charge more for an energy efficient home, but as competition increases and technology improves this is becoming less of a factor. Again, this means your savings could be even higher!
For more information, see CyberGreenRealty's blog.
-TMC
Comments(1)