Nov 6 2009
Buy a more Energy Efficient home, and get a better mortgage.
The Bank of Colorado is pleased to announce the launch of the Colorado ENERGY STAR® Mortgage Pilot Program. Homeowners and homebuyers can receive a substantial discount on the interest rate of a new first mortgage when that loan is used for energy efficiency upgrades to an existing home or for the purchase of an ENERGY STAR certified new home.
This is an excellent loan for improving a home with: insulation, air sealing, windows, doors, upgraded furnace, hot water heater, or boiler, solar panels, or efficient lighting. Many other improvements are possible.
Mortgage discounts are generally one quarter to one half point below the prevailing rates for homes that are not energy efficient. The dollar value of the discount provided is up to one percent of the mortgage loan amount. It can allow a qualified homebuyer to afford a home that costs up to 10% more than a standard home without increasing the combined monthly mortgage and energy payments.
This mortgage product is provided through a cooperative venture between BOC and the Governor's Energy Office and provides a reduced interest rate for homebuyers that invest in an ENERGY STAR rated home or choose to renovate an existing home for Energy Efficiency.
This mortgage is available throughout the State of Colorado. It is among the first and almost certainly the most aggressive programs of its kind.
Source: http://www.bankofcolorado.com/