Monday, July 1, 2013

Going Green: Financial Advice

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Grow Your Mind and Money is created by several hosts for a 90 minutes roller coaster ride that leaves them moved, touched, inspired and in action doing the work to fulfill their desires. Their pre-recorded interview with Lillian Brummet will be available July 1st and air daily for the next week. You can download the audio until July 15 via:
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Energy Efficient Mortgages for a Green Home

Today's article was written by: Michael Ciocca - an employee for Total Mortgage and an author for the Total Mortgage Blog

There are a lot of reasons to go green, whether you are trying to reduce your energy usage and save some money or keeping our environment clean by reducing your impact on it. Sometimes, the initial cost of switching over to a greener lifestyle can stop people from making the switch. Luckily as more people realize the benefit of going green, more programs start appearing to help them. One little known program is the Energy Efficient Mortgage (EEM) which allow those looking to buy a new home or refinance install energy saving upgrades to their home.

 Here are just a few upgrades that qualify:

·       Alternative heating such as a pellet stove

·       New windows and insulation

·       New roofing technologies

·       Solar Panels for both electricity and hot water heating.

In order to qualify for an EEM, you must first qualify for a regular mortgage. When shopping for a mortgage you should always talk to different lenders and see which one currently has the best mortgage rates. In Canada, the current best option to receive an EEM is through lenders themselves.  Lenders programs will vary, giving you another reason to shop around.

The next step after being qualified is to have your house audited by a professional energy rater. The energy rater will prepare a report for you, summarizing how energy efficient your home currently is. In most cases the report will contain a list of suggested upgrades, making it great if you are unsure of what to upgrade. Finding an energy auditor can be tough, and you should talk to more than one to ensure you get the best possible deal. You can expect the audit to run you between 300-500 dollars. Some lenders may allow you to finance the cost of the audit into the loan.

Now that you have your audit report, it is time to speak with your loan officer again. Your loan officer will use the audit report to figure out how much extra money you are qualified to borrow. This number will vary by lender. After you are approved for the EEM, it is best to go and talk with your auditor again. The auditor will be able to tell you the best upgrades to purchase that will fit your budget.

At first, it may seem like an EEM is bad idea. After all, you are increasing your monthly mortgage payment. The major benefit from an EEM is that after you have installed your upgrades, your utility bills will be lower. In most cases this will offset the higher loan, and can actually lower how much you are paying in related bills each month. You can also look at an EEM as a long term investment. Once your mortgage is paid off, you will continue to enjoy the savings from the upgrades you installed in your house. In most cases, these upgrades will add value to your home as well, so if you ever sell it, you can ask for more.

Going green is always a good idea, and with your new knowledge of EEMs it just got easier!

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1 comment:

  1. We received some wonderful feedback from the Old Grumpy Radio show interview via one of the hosts, Ronnie:Access the interview via this link (until July 15):

    Thank you Sister Lillian I don't know if you are a Christian but I do know your spirit has the essence of Christ and the wisdom of Solomon your get off the butt coaching was authentic powerful and filled with love. Thanks from a new admirer! ... another amazing comment on the interview!
    -- Dear Ms. Brummet your interview with Ronnie B left me with a feeling of completion I was on my own at a young age. I thought I had reconciled everything with my parents until I heard you share I realized there were things we just don't talk about but the important thing is I realized I really have let them go and I am free. A weight has been lifted off my shoulders you are a special lady. God Bless.
    - Loved the interview with Lillian may her show Conscious Discussions grow in listeners I like her style and her coaching!
    - Love this show! Ms. Lillian your coaching about planning what you are doing each and every day was just what I needed to hear. I am trying to get a ton of things done for my business and it seems like I am standing in mud what became clear listening to Lillian was that I needed a plan not just a bunch of to do lists. I spent several hours planning my work for July and I have got more done this week than the previous 2 months combined.
    -s. Brummet you don't know how many people I have met who are failing in their business because they will not create a working business plan of action. Way back when they first created their business they wrote a business plan that is now filed away somewhere and has not been opened since it was first written. A big pitfall is not doing what you said creating an action plan of what you are going to do for the year, month, and day. That is taking your efforts to an entirely new and powerful level great coaching and great advice...
    -Cliff the get off your butt advice from Ms. Lillian has helped me clear out a bunch of crap that was producing little results but kept me looking busy and feeling tired. I sat down this week and took the time to plan my actions for the next six months this has made a tremendous difference for me and my business. I am now focused on actions that forward getting customers and making sales...
    - Lillian, You Go Girl!!!!!! You can not get to where you want to go without a map which includes alternate routes and destinations. Great coaching loved how you kept it simple your passion had chills run down my back I am getting off my Butt!


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