Mortgage Loans

Increasing your home’s energy efficiency or purchasing a home that is already energy-efficient can provide several advantages. Energy efficiency is of increasing importance as more people recognize the fact that energy sources are not infinite—to this end, several federal institutions are now providing mortgages for people who wish to make their homes more energy-efficient. In the long term you’ll benefit from reduced utility bills and a higher potential resale value on your home, and in the short term you’ll be able to stretch your mortgage dollars a little bit further.

Getting an Energy-Efficient Mortgage for Remodeling

A mortgage is likely the most significant financial transaction you’ll face in your lifetime, so it’s important to educate yourself thoroughly before applying for a mortgage. There are some common mistakes that many people make, and those mistakes can cost money.

Choosing a Mortgage Lender

Selecting a mortgage lender is the most important choice you’ll make at the start of the application process. Choose a lender you can trust, rather than the lending institution that offers the lowest rates—the application and lending process will go much more smoothly if you choose a lender you feel comfortable with. The rates and terms of your mortgage are important, but if you choose an unscrupulous lender, your chances of getting the rates they advertise aren’t good.

Closing costs are an inevitable fact of life when buying a house. You can expect to pay a percentage of your home’s purchase price in closing costs before you can call it your own home. These costs range from home inspection fees to loan arrangement fees to title insurance. Each of the costs is necessary, but many of them are negotiable. Here are some of the most common closing costs, and how you may be able to save on them.

Start by looking over the final settlement sheet on your home purchase to see if there are any fees or costs that you don’t understand. Don’t be afraid to ask for an explanation of the fee.