As the recent cold wave (or the Polar Vortex, as it is not – so lovingly known) swept across America, many home owners were made painfully aware of the importance of having a home which was energy – efficient. However, paying for the same isn’t exactly something which a lot of people would be very enthusiastic about. This could be attributed to the high initial capital which is required in order to acquire the kind of technology and / or modifications which can make the home more energy – efficient. The answer to these problems lies in a green mortgage. This term refers specifically to mortgages which are availed with the purpose of augmenting the energy efficiency of the home.
There are a great number of options available for those homeowners who opt for a green mortgage, thanks to the Federal National Mortgage Association (which is also known by its nickname “Fannie Mae”), the Federal Housing Administration and even the Veteran’s Administration, all of which provide home owners with the opportunity to avail the mortgage they need to increase the energy efficiency of their home. The first step these home owners must take before committing to a loan is to hire a professional to assess the existing energy efficiency of their home which is then rated according to the Home Efficiency Ratings Scale (HERS), with a lower number indicating more energy-efficiency. This can help home owners get the right green mortgage for them.