Calgary Spray Foam – What are Energy Efficient Mortgages?

Calgary spray foam is a great option for both new homes and existing ones. However, not many people consider the benefits of the investment beyond the energy saving traits. This is one of the reasons why some people never consider the installation of SPF in their existing structures. However, once you come to think of it, installing SPF is one of the best investments you can ever make. The reason will become obvious when you take a look at energy efficient mortgage.

What is energy efficient mortgage?
Energy efficient mortgage, also referred to as EEM, is a mortgage that credits homes energy efficiency in mortgage itself. The EEMs usually gives borrowers the chance to finance cost-effective, energy-saving measures as part of single mortgage and stretch their debt-to-income qualifying ratios on the loans hence allowing the borrowers to qualify for larger loan amounts as well as better and more energy efficient homes. This is achieved all thanks to the use of energy efficient solutions like polyurethane Calgary.

For you to get the EEM, you have to hire a home energy rater and let him conduct home energy rating. This has to be done before financing is approved. The purpose of the rating is to verify that the borrower has an energy efficient home.

The purpose of the EEMs is to help the purchasers buy new homes that are energy efficient. These are the ENERGY STAR qualified homes. Simply put, the term EEM refers to all energy mortgages which include the EIMs (Energy Improvement Mortgages). The mortgage is for buying new homes which will have energy efficiency improvements made.

With the EIM, you can include the cost of energy-efficiency improvements to the existing home in the mortgage. This is done without having to increase the down payment. The EIM will also help you to use money saved in the utility bills to finance for energy improvements. Needless to say, both the EIMs and EEMs require that the home energy rating be provided to the lender as well as the value of the energy efficiency measures which are referred to as Energy Savings Value.

The best thing about the EEMs and EIMs is that they are sponsored by the federally insured mortgage programs as well as the conventional secondary mortgage market. As the homeowner, the installation of spray foam Calgary will help you increase your chances of qualifying for the EIM or EEM.

The best thing about qualifying for the EEM or EIM as the homeowner is that it will help you to sell your home much faster. This is because the buyers are more impressed by homes that are energy efficiency. In addition to that, buyers will be able to qualify for mortgage and get better rates from lenders when purchasing a home that is energy efficiency.

When considering the option of working with spray foam contractors Calgary, you should not just focus on energy saving. You need to take a look at how the option will increase the value of your home.

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