Green Mortgages Louisville KY

This page provides useful content and local businesses that can help with your search for Green Mortgages. You will find helpful, informative articles about Green Mortgages, including "Green Mortgages Offer New Growth". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Louisville, KY that will answer all of your questions about Green Mortgages.

Wells Fargo Bank Na
(502) 459-7997
6100 Dutchmans Ln
Louisville, KY
 
Stock Yards Bank Mortgage Company
(502) 582-2571
1040 E Main Street
Louisville, KY
 
Challenge Financial Investors Corp
(502) 259-9801
2915 Frankfort Ave Ste D
Louisville, KY
 
Van Dyk Mortgage Corporation
(502) 259-9801
2915 Frankfort Ave
Louisville, KY
 
First Meridian Mortgage Corporation
(866) 511-3949
756 S First Street Ste 200
Louisville, KY
 
Old National Bank
(502) 452-9993
6040 Dutchmans Ln Ste 150
Louisville, KY
 
Cgb Agri Financial Services Inc
(502) 721-9446
2209 River Rd
Louisville, KY
 
Statewide Home Mortgage Inc
(502) 810-9805
200 Highrise Drive Ste 254
Louisville, KY
 
First Capital Bank Of Kentucky
(502) 891-1985
950 Breckenridge Ln Ste 120
Louisville, KY
 
Fifth Third Bank
(502) 562-5274
401 S 4Th Ave
Louisville, KY
 

Green Mortgages Offer New Growth

If you could save up to $200 a month in energy bills for 30 years, would you be willing to borrow an extra $5,000 for a home loan upfront? Probably yes.

That’s the power of energy-efficient mortgages, or “green” mortgages. Now, legislators, lenders, brokers and consumers are pushing for their wider use. Advocates say green mortgages can help solve several of the nation’s broader problems, including the energy crisis, the mortgage implosion and the slowing economy. 

“These programs can offer significant solutions,” said Norm Ferrier, owner of Security Mortgage Corporation, which specializes in green loans, “because homeowners are desperately seeking ways to lower their energy costs.”

Installing energy efficient windows
Green mortgages save money and energy over time by improving energy-efficiency Green mortgages allow home buyers to add as much as an additional 15 percent of the sale price into the loan, for upgrades such as energy-efficient windows, water heaters, or solar panels. The savings in energy bills offset the higher monthly mortgage payments and create more savings in the long run.

Since the 1970s, major lenders backed by Fannie, Freddie, and the VA, have financed green mortgages, which are currently promoted under the Energy Star program. But these products languished during years of cheap oil and easy, sub-prime loans. Lenders and brokers avoided green loans because they took longer to close, but yielded no extra profits.

Now, as the energy crunch and mortgage crises converge, lawmakers and lenders regard green mortgages as a solution to both. Residential and commercial investors also see new opportunities in green loans. “We are an emerging market at a time when the traditional market has imploded,” said Jeffrey Cole, founder of myenergyloan.com. “The secondary market is embracing green mortgages.”

Legislators are rushing to support green mortgages. The Housing and Economic Recovery Act of 2008, signed by President Bush last month, includes a provision to streamline and promote green mortgages. The bill authorizes federal agencies to identify obstacles to existing products, recommend changes and educate the public.

Another federal bill would provide incentives to lenders offering lower interest rates on green residential and commercial mortgages. The Green Resources for Energy Efficient Neighborhoods Act, introduced by U.S. Rep Ed Perlmutter (CO-07), passed the House Financial Services Committee in June and now awaits a House hearing.

A sign of green appeal across industries, the bill was broadly supported by 30 national organizations, including lenders, real estate agents, developers, housing groups, environmentalists and scientists. “We are at a crossroads with our housing markets and our energy consumption,” said Leslie Oliver, communications and policy director for Rep. Perlmutter. “There was incentive and buy-in from organizations across th...

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Opinion Corner
People in Kentucky shared their opinions about Home Mortgage
Do you own or rent a home?
Own: 50%
Rent: 40%
Other: 10%
The recent credit crisis seems to have affected everyone. How has it affected you?
I have lost my home: 0%
I have had to downgrade my home: 0%
I am living paycheck to paycheck: 60%
I have eliminated some of my expenses in order to keep my home: 10%
It has not affected me: 30%
Other: 0%
What is the value of your house in relation to your outstanding mortgage?
I am in the red: 40%
I have some equity in my home: 50%
I own my home outright: 10%
I have no idea: 0%
Other: 0%
Have you been able to take advantage of the lower interest rates and refinance your mortgage?
Yes: 11%
I have tried but have not been successful: 22%
No: 66%
Have your savings/retirement funds been affected?
No, haven’t touched my savings/retirement: 30%
Yes, they were slightly affected: 50%
Yes, they were significantly affected/drained: 20%
Source: Survey.com