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Mortgages Mother Nature Would Love

SAVING ENERGY AND DRIVING LESS NOT ONLY HELPS THE PLANET - IT SAVES MONEY. SO SOME LENDERS ARE SEEING THE SENSE IN HELPING BORROWERS GO GREEN. LEARN MORE ABOUT MORTGAGES MOTHER NATURE WOULD LOVE ON TODAY'S ENVIRONMINUTE.

IN CITIES SUCH AS CHICAGO AND SEATTLE, A PRODUCT CALLED A LOCATION-EFFICIENT MORTGAGE REWARDS THOSE WHO WALK, RIDE BIKES, OR USE PUBLIC TRANSPORTATION.

ENERGY-EFFICIENCY MORTGAGES ARE ALSO BECOMING POPULAR.  THE IDEA IS THAT HOMEBUYERS CAN QUALIFY FOR LARGER LOANS IF THEY MAKE IMPROVEMENTS SUCH AS INSTALLING A FURNACE THAT USES LESS POWER.  IF THE IMPROVEMENTS ARE EXPENSIVE, SOME LENDERS WILL FOLD THE UP-FRONT COSTS INTO THE MORTGAGE OR EVEN OFFSET THEM BY OFFERING CREDITS TOWARD CLOSING FEES.  THERE ARE BENEFITS FOR EVERYONE INVOLVED - THE HOMEOWNER BECOMES GREENER UP FRONT, AND THE LENDER HAS A LOWER-RISK BORROWER NOT STRAPPED BY ENERGY BILLS.

THE ENVIRONMINUTE IS MADE POSSIBLE BY THE HEINZ FAMILY PHILANTHROPIES AND THE HEINZ ENDOWMENTS.  LEARN MORE BY VISITING ENVIRONMINUTE-DOT-COM. 

Learn more from the U.S. EPA and the U.S. Department of Energy.

Read more in the Wall Street Journal.