How to Save Money on Your Energy Improvement Project(s)

Save Money on Your Energy Improvement Project(s)

An energy improvement mortgage is simply a home loan that creates an escrow account to finance cost-effective, energy-efficient improvements to a home’s energy efficiency. The funds can usually be obtained during a refinance or when a new property is bought. Energy improvement mortgages are a great solution for both new and established homeowners who are looking to improve the quality of their homes while simultaneously increasing their financial stability. As more people realize how much money they could save by improving their energy efficiency, lenders have begun to offer these loans. However, finding the right loan is key. To ensure you get a great rate and get the best return, there are a few things you should know before applying.

 

First, you need to identify your needs.

When you sit down to compare loan offers from Fannie Mae and other lenders, you should make a list of your top three needs. These needs include improving insulation, upgrading electrical systems, and installing energy-efficient appliances. By matching your needs with the most beneficial loan offer, you can easily find an affordable, hassle-free mortgage with favorable terms.

 

Second, make sure your house has been properly inspected.

An energy audit is an exhaustive examination of a home’s heating, cooling, and insulation system. If you have not had this service performed in the past year, you should consider having it done as soon as possible to get the most favorable rate. Home inspectors will perform a complete, visual inspection of a property to identify potential energy savings zones and identify areas of the house that are most at risk of becoming outdated or ineffective. This inspection will help you identify the areas of your home that require the most improvements in energy efficiency and identify the areas where you may be able to make the most savings with your energy improvements.

 

Finally, review your list of top potential energy improvement projects.

Review each item on your list to identify its greatest opportunity for saving money and improving your home’s energy efficiency. For example, if you notice that your attic is leaking, there are a few good candidates for repair, and there are several areas of your home that could benefit from updated insulation. Write down the following projects: home improvement, air conditioning repair, roof repair, replacement windows, or floor covering repair. These projects will all save you money and they will also improve the energy use of your home.

 

Once you’ve identified your projects for improvement

it’s time to decide what plans to implement. First, focus on improving one or two areas. Consider the purchase of a new stove or refrigerator and the installation of new appliances such as a washer and dryer. Other projects to consider include new floor coverings or repairs, replacing windows and doors, or installing energy-efficient appliances and upgrades. Next, write down any ideas that you have about making these projects more effective. Some ideas may include hiring a professional energy assessor or contacting your local government to get assistance with making your improvements.

 

Finally, review your project list

t with your real estate agent or mortgage company. If they are not impressed with your ideas for energy improvement, it’s time to go with another option. Take some time to review the ideas that are on your list and contact various professionals who are experienced in making those improvements. With the right help, you can easily increase the efficiency of your home while making it more affordable to you. For more information on energy assessment and energy improvement mortgages, contact a licensed real estate agent today.

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