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HomeStyle Energy Mortgage

Have you considered making energy-saving enhancements to your existing home or a home you’re looking to buy? Maybe you want new insulation, water-conserving toilets, a high-efficiency HVAC system or to get rid of leaky old windows and doors.

With rising utility costs, more buyers and homeowners are looking for ways to make energy-efficient changes to their homes without having to pay a large amount upfront or borrow money at high interest rates. HomeStyle® Energy makes it convenient for you to finance improvements like these by combining the costs with your mortgage.

How Does It Work?

Buying a Home

When you're buying a home, HomeStyle Energy allows you to use up to 15 percent of the "as completed" value of the property (that's the appraised value of the home once the upgrades are completed) for new energy improvements.

For example, an eligible buyer with a home valued at $100,000 may receive up to $15,000 (15%) from the mortgage transaction to make improvements like:

  • Installing energy-efficient windows and doors,
  • Adding weather stripping to improve insulation,
  • Resealing or replacing air ducts,
  • Replacing the HVAC, or
  • Swapping out a hot water heater with a more energy-efficient system.

Refinancing

Homeowners who've previously made energy-saving updates may qualify for a limited cash-out refinance, for up to 15% of the home's value, to pay off higher-interest energy-improvement debt. This means you would refinance your current home loan into a new mortgage to access the equity in your home. That equity amount would then be used to pay off expenses for energy improvements, such as those financed through:

  • A home equity credit line,
  • Credit cards, or
  • A Property Assessed Clean Energy (PACE) lien (which is tied to local property tax assessments).

Whether you're buying or refinancing, the improvement costs get rolled into your new mortgage. That gives you the convenience of just one mortgage payment each month to cover your home loan and the upgrades.

Get Started

For details and to check your eligibility talk with a lender today!

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