HOME BUYERS
Looking at buying a new home? It is important to know not only your mortgage costs but also the additional monthly costs associated with owning a home.
Buying a house that is not energy efficient can be more damaging to your wallet then a high interest rate. Understand your energy costs before you move in and you will be able to budget yourself and your family lifestyle at more ease.
Most folks when buying a home use the services of a home inspector. However, ordinary home inspections are all about what is visible and easily accessible to the inspector. The experts at Enwise Power Solutions, LLC go beyond what an ordinary inspection covers by verifying what you can't see. With our state-of-the-art equipment we can actually "see" inside your walls and tell you if the insulation you are paying for is actually there. We can also spot hidden moisture damage as seen in the image above that can cause major damage or mold and at the very least, render your insulation ineffective.
Also, Energy Efficient Mortgages are available through Fannie Mae and Freddy Mac. These mortgage allow the home buyer to add the costs of cost effective energy efficient upgrades to their mortgage.
What is an Energy Efficient Mortgage?
An Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.
To get an EEM a borrower typically has to have a home energy rater conduct a home energy rating before financing is approved. This rating verifies for the lender that the home is energy-efficient.
EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home. The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them. EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment. EIMs allow the borrower to use the money saved in utility bills to finance energy improvements. Both EEMs and EIMs typically require a home energy rating to provide the lender with the estimated monthly energy savings and the value of the energy efficiency measures known as the Energy Savings Value.
EEMs (and EIMs) are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs.
Contact us today if you are looking into buying a new or existing home to ensure that your new home is energy efficient.
** Did you know that in the City of Austin it is mandatory to conduct a home energy audit on homes 10 years or older that are for sale?
This trend is happening all over the country because understanding your homes energy consumption can be a cost saving venture.
Looking to buy an affordable home in the valley? Check out www.wgvhomes.com These beautiful homes located in Weslaco, Texas come with a free energy audit and continued support with your energy needs.