When purchasing an energy efficient (green) home, in addition to saving on energy costs, you can also save on the mortgage insurance premium. Here are two ways to save on your mortgage with an energy efficient home:
1) 10% CMHC Mortgage Insurance Premium Refund for energy-efficient homes. You can apply for the refund after you take possession of the property directly through the mortgage insurer.
2) Amortization flexibility for energy-efficient homes without premium surcharges. This means you can increase your amortization to 35 years without paying the extra insurance premium surcharge for an extended amortization.
To qualify for these savings, your property must be built to certain standards. The guidelines are as follows:
1) Must be: R-2000 compliant, or
2) Certified under a CMHC eligible energy-efficient building program (i.e. Built GreenTM, Alberta and BC – gold label, NovoclimatMC, ENERGY STAR® and Power Smart™), or
3) Rate 77 or higher on an energy assessment performed by an NRCan licensed energy advisor.
Previously built homes or new construction homes that have the certificates and/or documentation as above can qualify you for the savings. Please call us for further details.
If you are looking to purchase a property, now is an excellent time with interest rates predicted to remain low for the near future, continued price appreciation during the coming years and further savings for going green. Contact us today to take your first step of mortgage financing to purchase you new property.
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Any questions at all about mortgage financing please refer to our newly designed website at www.yourmortgagecontact.com or call us today. In addition please let your family and friends know about Your Mortgage Contact. We appreciate all referrals and everyone always receives personalized service. Please contact Betty at 403-532-3927, e-mail bsaskiw_prolink@telus.net, Kevin at 403-589-3021, kevsas@telus.net or at our updated website: www.yourmortgagecontact.com
Sincerely,
Betty Saskiw, AMP
Mortgage Associate
&
Kevin Saskiw, CFA
Mortgage Assistant
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