Are Green Mortgages in Rumson, NJ Really Environmentally Friendly?
The green mortgages in Rumson, NJ present the borrower with the opportunity to have decreased utility bills as well as making borrowing more money easier. An environmentally friendly mortgage ultimately makes mortgaging a property more affordable. It not only has a positive impact on your finances but it also helps the environment significantly.
Green Mortgages in Rumson, NJ, a New Alternative to Mortgage Lending
Those who are not familiar with the term green mortgage is probably wondering what a green mortgage is. A green mortgage takes the utility cost of a property into consideration when determining the amount to lend. The more money that is saved on utility bills the borrower can raise his/her borrowing amount in order to invest more in the property or raised the budget, which enables them to purchase a better home. Obtaining an environmentally friendly mortgage can take some extra effort because they are not common but there are lenders out there that have the option of a green mortgage. When you select a home that you want to buy, an energy auditor will inspect the home in order to determine what needs to be done in order to make the house more energy efficient. They will then inform you of the cost of the upgrades as well as what how much you will save on your utilities.
Green Mortgages in Rumson, NJ
There are a few types of green mortgages in Rumson, NJ. The main type is the energy-efficient mortgage (EEM) which is the topic of discussion. Another green mortgage option is an energy improvement mortgage. This mortgage is specifically for borrowers who want to update a non-energy efficient home.
Anyone who lives an eco-friendly lifestyle should consider a green mortgage. There is no reason why your home loan should not coincide with your environmentally friendly lifestyle. It also benefit’s the borrower by saving them money on their utilities. Selecting a fixed rate green mortgage can also help save you money by stabilizing your monthly payments.
Saving Money with Green Mortgages in Rumson, NJ
Aside from saving you money monthly, there are several tax incentives for being energy efficient. Depending on your state, you can write off some of your upgrades or receive tax credits. Having an energy efficient home helps the environment, saves you money and some tax incentives are included.
Since green mortgages are not common, you have to ask for them. Make sure that your mortgage is from a dependable lender. Mortgages are a very serious financial decision so approach with caution. The best thing that you can do is educate yourself and truly understand what is going on. Making sure that all the numbers are correct and knowing that you are getting a fair deal is what obtaining a green mortgage in Rumson, NJ is all about. Your mortgage lender or mortgage consultants in Rumson, NJ are ready to help in finding you the most appropriate mortgage for your financial needs.