Compound the Savings for Homeowners
By Jan Carver
With the high cost of traditional energy, it’s easy to see how making energy-saving home improvements can save you big money year after year. Now, homeowners in the Upper Valley of New Hampshire and Vermont can enjoy even more savings, thanks to one local bank’s new loan program.
Woodsville Guaranty Savings Bank, a community bank headquartered in Woodsville, New Hampshire, has launched a mortgage and home improvement loan program designed to promote energy saving initiatives and to reward homeowners who go green.
The Energy Efficient Mortgage (EEM) provides homeowners with a discounted rate and other benefits that compound the savings of a more affordable, energy efficient home. Key to the EEM is the Home Energy Rating System (HERS) report, a report that provides an overall score of the current energy efficiency of a house based on ENERGY STAR® guidelines. It also provides recommended cost-effective energy upgrades, an estimate of costs to make the upgrades, and estimated annual total energy costs for the home before and after upgrades.
The EEM is available for: the purchase of an ENERGY STAR qualified home; the purchase of a non-energy efficient home, with financing to create one; and the refinance of an existing home to make energy efficient improvements.
EEM borrowers can choose any fixed or adjustable rate mortgage in the bank’s portfolio and receive a .25% discount on the rate. In addition, a credit of up to $400 is applied at closing to offset the HERS report expense. EEM loans are available for up to 95% of the value of the home.
“We believe that homeowners who are able to make these improvements are doing something really smart for themselves and our environment,” said Ann Dow, Vice President and Residential Loan Officer at Woodsville Guaranty Savings Bank. “These discounted loans are our way to help them get the job done.”
For those who want to make more modest improvements, the bank also offers an Energy Efficient Home Improvement Loan. All kinds of energy efficient projects qualify for this loan, including: the purchase of wood or pellet stoves, new furnaces/boilers; insulation upgrades, windows and other energy efficient improvements; and the installation of alternative energy sources, such as geothermal heat, solar panels, wind mills, etc. The home improvement loan is available in amounts of $2,500 to $15,000, with financing available for up to 60 months.
Woodsville Guaranty Savings Bank is a state-chartered savings bank headquartered in Woodsville, New Hampshire, with nine banking offices, in Woodsville, Piermont, Lisbon, Littleton, Lancaster, Plymouth, and Franconia.
For more information, visit them online at: www.theguarantybank.com or find them on Facebook.