In theory, any lender can offer EEMs. In practice, they re hard to find. Few banks have bothered with the programs or trained lending officers to handle them. People don t know they exist, so there s slim demand. And besides, most buyers can already borrow as much as they need.
But EEMs are good for extra financing, and lenders should soon catch on to their value as marketing tools. To find these loans, it s helpful to use a green mortgage broker. Look for the names of lenders and brokers on the Energy Star site. The Indigo Financial Croup serves five states and is preparing to go nationwide. Indigo s Joel Wiese says his clients are saving 20 percent to 50 percent on their utility bills--more than enough to cover their higher mortgage payments.
One warning: beware the greenwashers . Those are brokers and builders who say they re saving the planet but-like the Wizard of Oz-just give out green glasses, to turn a brown world into an emerald shade. Go beyond the press release. Be sure to get real green for your green.
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