energy star

The Green Mortgage Process

The process of getting a green mortgage will vary depending upon which type of mortgage you are applying for, but for the most part, the process very similar.

In fact, the process of getting an energy efficient mortgage is exactly the same as a conventional mortgage with the exception of adding in the extra step of having the energy audit performed and figuring which items from that audit your will be completing as well as replacing and figuring out the estimate cost for carrying out these changes and figuring out the savings that will occur from these changes.

Time of the Green Mortgage Process

First you select your property, received an approved offer, enter into contract, complete home inspection and property appraisal.

Schedule the home energy audit to be completed as soon as possible after home inspection and appraisal.

Once these reports come back, the loan officer with finish the remaining paperwork which includes the application for the EEM and includes the energy audit report. Your lender then completes a two page Energy Addendum form to include with the rest of the loan paperwork.

See an example of the Energy Addendum Form

Once you have received your final loan approval, you get to close on your home and complete the work as promised. Different loans their own timelines attached for you to complete the work. Typically between 30-120 days after closing.