When buying a home or condo, consider an Energy-Efficient Mortgage

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Banks are increasingly recognizing the fact that a homeowner who spends money to improve the energy efficiency of their home ends up having extra money in their pocket at the end of the month - and this can help tip the balance in your favor of getting a higher mortgage amount with an Energy Efficient Mortgage!

Fannie Mae has published the following comparison of a standard home mortgage to an energy efficient home mortgage. Keep in mind this was published a while ago and mortgage rates are even LOWER right now, so your savings could be higher.

Note this example also assumes a builder will charge more for an energy efficient home, but as competition increases and technology improves this is becoming less of a factor. So your savings could be even higher!

Additionally,some of the benefits of using an Energy Efficient Mortgage include the following:

• More first-time buyers can qualify for a mortgage (or a higher mortgage amount)
  
• Overall reduction in the cost of home ownership
• Helps reduce America's dependence on foreign oil
• Helps protect the environment

 For more information, check out the Fannie Mae web site.  You may also wish to browse HUD's FHA-insured Energy Efficient Mortgage pages.  And don't forget to browse Avenue 3's web site for energy efficient homes currently for sale in Massachusetts.

-TMC