Buying or selling a home is a tough task and required full attention to do the task and for that you have to appoint a licensed conveyancer.Under the program, energy rating agencies in Alabama, Arkansas, Iowa, Mississippi, Vermont and Wisconsin will join those in Colorado and Louisiana in rating the relative efficiency of houses in their states and making recommendations for improvements that will make the houses more efficient. Houses deemed energy-efficient without needing any improvements will be eligible for an energy-efficient mortgage which allows for either an automatic 2% stretch in ratios or which takes into account the estimated monthly energy savings.
Houses that aren't efficient but can be made so will be eligible for energy improvement mortgages which roll the cost of making the necessary improvements into the mortgage. Furthermore, if the property already meets the EEM threshold before the improvements are made, lenders can also use the automatic 2% stretch.
The program is now being coordinated by the National Residential Energy Services Network, a group of mortgage lenders, home builders, real estate firms and housing and energy professionals that has been working to expand the availability of energy conservation loans. Energy costs are typically the third highest housing cost after the mortgage payment and property taxes, and are considered especially critical to lower income owners who often pay as much as 20% of their incomes for utilities, according to the Anchorage-based RESNET. But loan payments could be cut significantly with energy-efficient loans. Or, conversely, home buyers could borrow more money.
The average for 15-year fixed-rate mortgages this week is 7.38 percent, up slightly from last week's average of 7.35 percent. A year ago, the 15-year interest rate was 6.52 percent. Steady interest rates are a reflection of the general consensus that the economy is not expanding too quickly, therefore the Federal Reserve Board will most probably not make any moves to raise rates when it meets next Tuesday, said Robert Van Order, chief economist for Freddie Mac. "Comparatively low mortgage rates and low inflation combine to help make this a very affordable time for those who are planning to invest in a home."