Portland
Oregon Real Estate - Live Green...Live Well!
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Patrick
Smith, MBA, AHWD
Eco Broker Certified
503-421-3824
Licensed in the State of Oregon
CONTACT PATRICK
4001
NE Halsey Street, Suite 100, Portland, Oregon,
97232
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Portland Real Estate Green Tip: Energy-Efficient Mortgages It seems as though everywhere you look anymore there is another focus on something “green”. And, the Portland real estate market is certainly not immune to the cause. One of the first things a new prospective buyer does prior to searching for available homes is check with a mortgage lender about securing a home loan. Did you know that even home loans have gone green? Although not offered by every lender, energy-efficient mortgages are one of the most beneficial, yet under-utilized, programs available for consumers who wish to either purchase a green certified home or make energy-efficient improvements to a home immediately after purchase.
Green mortgages sometimes cost the borrower slightly more through an additional amortized principal amount. However, that additional amount is typically offset by reduced or eliminated premium monthly mortgage insurance and significantly reduced monthly utility bills.
If your new Portland home is constructed with a green certification provided, the green loan process is typically very easy and straight forward. If you are purchasing a home with a green loan in order to make energy-efficient improvements to your home, your lender will often require a home energy audit or energy rating be conducted both prior to and after improvements being made.
One local home lender who offers green mortgages is Columbia Credit Union with locations throughout southwest Washington and also serving the greater Portland area. Columbia Credit Union not only promotes a healthier, green lifestyle, they live it! Their Grand Central branch location is the first LEED-certified financial institution in Vancouver boasting rainwater recycling, extensive use of natural light, use of native plants, and much more.
For more information on financing your Portland real estate purchase utilizing a green mortgage be sure to visit RESNET’S Home Energy Rating System and Energy-Efficient Mortgage Information site.
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