March 9, 2008: Green Mortgages: A Way to Finance UpgradesMedia Clip
Posted March 9th, 2008 by ElenaVelkov
The Chicago Tribune showcases an area couple that received money back through an energy-efficient mortgage. Chicago Tribune For first-time home buyers Joshua and Latoya Washington, the mid-February arrival of their high-efficiency furnace was a cause for celebration -- sweet reward for pursuing an energy-efficient mortgage. The loan allowed the Washingtons to roll the cost of the furnace and other energy-saving projects into their mortgage. The resulting lower utility bills will offset the higher cost of the loan -- $83 in savings a month versus $32 to cover the costs, according to energy auditor James Cavallo, of Downers Grove-based Kouba-Cavallo Associates. "An energy rater comes to the house to say what needs to be done to make the house more energy efficient and to see what kind of systems you need to replace," said Washington of the Federal Housing Administration's version of the mortgage "We knew before we bought the house that the furnace had outlived itself and that the central air was shot," he said. "So when we heard that FHA had a special loan that would add money on to the mortgage for these replacements, we knew we had to have it." |
