Energy Efficient Home Could Lead To Bigger Mortgage

One of the biggest considerations when it comes to mostly anything now-a-days is the environment. Energy efficiency is becoming more and more relevant and it is now encroaching on the mortgage industry. Energy efficient homes are homes that have additions such as solar panels or high efficiency appliances in order to save energy costs for the home. A new bipartisan bill in the Senate is proposing that home buyers who purchase energy efficient homes should qualify for a higher amount with their mortgage. This new act, which is labeled the SAVE ACT, would allow lenders to factor in energy savings to the value of a home.

"It's about energy efficiency, it's about savings, it's about increasing the borrowing power for the borrower. I think it's a win-win for the industry," said Sen. Johnny Isakson, R-Ga., a co-sponsor of the bill.

If approved, any lender with loans backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration (which accounts for approximately 90% of the market) would account for expected energy cost savings. Another aspect the bill would affect is appraisals. The bill would require lenders to add the value of expected energy savings into the value of the home being appraised.

Change Of Address Scams

      When someone goes through the exciting process of buying a new home, one of the final steps to completing the move is to officially change your address. Now, after going through such an extensive home buying process, many people will quickly try and get the change of address done by going to the internet and searching what they should be doing. BE CAREFUL! There are scamming companies out there right now who will charge you anywhere around $17-$24 to process this request. Your local United States Post Office will process this request for $1, and if you have the time to stop by the post office they will process your change of address for no charge.

"Some people report they are charged a dollar at first [on these other sites], but then a short time later, there's another charge for additional services they did not knowingly purchase," says Miranda Perry with Scambook.com

There seems to be one site in particular that is drawing a lot of attention for this scam. There have been approximately 150 customer complaints filed with the Better Business Bureau about: Change-My-Address.com. This site advertises, “USPS(R) Change of Address Form. Fast & Secure Mail Forwarding.” Although a spokesperson for this company has come out and said that they state in several places on the website they are not affiliated with USPS, why go through all this hassle. Please save yourself any trouble and simply visit the USPS Website (CLICK HERE FOR THE OFFICIAL USPS "CHANGE OF ADDRESS" REQUEST FORM). Once you go there you can submit your request for $1 or to save any cost at all just visit your United States Post Office and fill out the change of address request free of charge.