Darryl Bandoro

In this third post on Green Mortgages available in Canada, we'll be taking a look at the RBC Energy Saver Mortgage.

As mentioned in previous posts, a Green Mortgage can help homeowners improve the energy efficiency of their home, which helps them save money and reduces their greenhouse gas emissions.

The RBC Energy Saver Mortgage is very similar to the CIBC ENVIROSAVER mortgage as it helps homeowners pay for an energy audit of their home. This audit is the first step in participating in the federal government’s ecoEnergy Retrofit program. Participants in the program can get up to $10,000 in rebates from the government for making energy-efficient upgrades!

Below are some of the features of the RBC Energy Saver Mortgage:

• It is available on residential mortgages, both purchases and re-finances, that have a minimum term of three years fixed closed or five-year variable closed.
• The energy audit must be performed within 90 days of financing and the invoice must be submitted to RBC within 120 days of the mortgage advance.
• RBC will reimburse the homeowner for the actual cost of the home energy audit, up to $300.

To learn more about Green Mortgage options or to receive a free copy of our Guide to Green Rebates in Ottawa report, please visit OttawaMortgageSolutions.com!

This is the second part of a series of articles that we will be posting on Green Mortgages.

What is a ‘green mortgage’, you may ask? Essentially, it is a mortgage that provides incentives for homebuyers to improve the energy-efficiency of their homes, which helps them save money and helps the environment.

CIBC ENVIRO-SAVER™ mortgage

CIBC is currently offering a mortgage product that equips homeowners with the resources and knowledge needed to make ‘green’ improvements to their homes. The ENVIRO-SAVER™ mortgage has the following features:

• Customers can choose between five of the following fixed-rate closed options: 3, 4, 5, 7 or 10 year terms.
• Borrowers will receive a gift certificate for up to $300 for a Home Energy Audit (from AmeriSpec Canada Inc.). This audit is the first step in participating in the government’s ecoEnergy Retrofit program. Participants in the program can get up to $10,000 in rebates from the government for making energy-efficient upgrades!
• Borrowers will also receive a free copy of the Carbon Buster’s Home Energy Handbook.
• If you want to pay off your mortgage faster, annual prepayments of up to 15% of the original mortgage amount are allowed. In addition, at any time, mortgage payments can be increased by up to 100% of the original payment.

Customers who take advantage of the ecoEnergy Retrofit for Homes program may also benefit from a 10% discount on their mortgage default insurance premium. See CMHC or Genworth for further details.

For more on Green Mortgages, please feel free to visit OttawaMortgageSolutions.com!

(™ Registered Trademark of CIBC. All other trademarks are the property of their respective owners.)

This is the first part of a series of articles that we will be posting on Green Mortgages.

How can a mortgage be ‘green’? This seems to be a common initial question when people first hear of a Green Mortgage. Well, the answer is that a mortgage can be green if it provides incentives for purchasing energy-efficient homes, or otherwise rewards home buyers by giving them the tools they need to make their home green.

In Canada, a number of lenders and mortgage default insurance providers offer ‘green’ programs. The lenders currently offering green mortgages in Canada include TD Canada Trust, CIBC and Citizens Bank. The default insurance providers include CMHC & Genworth.

This first article on green mortgages will focus on TD Canada Trust’s Green Mortgage product.

TD Canada Trust is currently offering a five year fixed rate Green Mortgage, which is available to both new and existing TD customers. This Green Mortgage has the following features:

• 5-year fixed rate that is equal to the posted rate minus 1% (As of Nov. 21 2008 the Green Mortgage rate was 6.20%)
• Allows for an amortization of up to 35 years.
• Provides a Cash Rebate on ENERGY STAR qualified products: TD will rebate up to 1% of the amount of the mortgage when you submit a Rebate Request Form with copies of the receipts for ENERGY STAR products. This must be sent in within 6 months of the term start date of the mortgage
• At the time when TD Canada Trust sends your rebate, they will also make a $100 donation to the TD Friends of the Environment Foundation.
• Please note that the Green Mortgage cannot be combined with any other offer or special mortgage, such as a cash back mortgage.

TD’s Green Mortgage essentially provides you with a slightly discounted interest rate and rewards you for buying ENERGY STAR products. What exactly do you get? If you were to take out a $200,000 mortgage, you could then buy up to $2000 in ENERGY STAR products and get a full rebate back from TD. Qualified products include ENERGY STAR major appliances, heating, cooling and ventilation equipment (such as a furnace), windows, doors and skylights. The rebate can also apply to the cost of a residential energy efficiency assessment on your home. For a full listing of ENERGY STAR qualified products, click here. One thing to note is that while the rebate will be given on the cost of the product (including taxes), any cost to install the product is not eligible.

Overall TD provides a great upfront incentive for customers looking to improve the energy-efficiency of their home.

Would you like to talk with a Mortgage Agent about TD’s Green Mortgage? If so please click here.

Have you had any experiences with the Green Mortgage? Please let us know by entering a comment below!

These days, almost everyone is trying in some way to “go green”. One of the easiest ways for all of us to take on this challenge is to green our homes.This can mean everything from reducing electricity use, to improving home heating, to replacing chemical products in your home.

When buying a home, a Green Mortgage can also be a way to get you started on the right track. Green Mortgage products offer rebates, discounts or other bonuses that help you green your home. As a Green Specialist, I can not only help you with a Green Mortgage, but can also guide you to programs and services that will make your home energy efficient and environmentally friendly.

If you would like to find out more, I will be making a short presentation at The Living Lightly and Locally Showcase event on Sunday, November 16. The event is being held at the Mayfair Theatre, 1074 Bank Street, from 2:30-4:30 pm.

If you are looking for ways to live well and with less of an ecological impact, then this event is for you! Come out and watch the feature presentation of the Ottawa-based film "Be The Change", by David Chernushenko and be inspired! You'll also meet with local providers of "living lightly" products and services to learn what you can do right here in Ottawa.

Other confirmed exhibitors include: Sustainable Ottawa, Isolara Solar Energy, Vrtucar car sharing, Tucker House, the Otesha Project, Baby Be Green, La Siembra, Moving to Green, Appleseed Lawn Care, Arbour Environment Shoppe, CSV Architects, Allegra Printing, Simply Raw...

The event will also feature:

– Greening the Old Firehall: a presentation by architect Anthony Leaning

– Take-home guides: National Capital Region Green Pages and a guide to local suppliers

Admission is by donation: $10-adult, $2-youth, $20-family. Free Bridgehead coffee coupons will be available to the first 125 adults donating $10 or more at the door.

Have any questions about Green Mortgages? Will you be able to make it to the The Living Lightly and Locally Showcase? Share your thoughts by posting a comment below.