Canada Guaranty Finds New Way to Award Green Homes
Canada Guaranty is doing something that’s going to make mortgages and mortgage insurance more affordable for homeowners; and that will benefit the environment, too. They’re going to start giving rebates for energy efficient homes!
Under the new program, homeowners who either purchase an energy-efficient home, or that obtain home renovation financing to make energy-efficient improvements to the home will be eligible for a 10 per cent rebate on mortgage insurance provided by Canada Guaranty.
“We are just meeting market demand,” Mary Putnam, vice president of sales and marketing said when asked about the product. “We are completing our product suite.”
The rebate is already available, and is eligible for mortgage insurance on new construction homes as well as existing homes that are headed towards improvement. But Putnam says that while this product has been available for some time, consumers are unfortunately just now hearing about it.
“We’ve seen listings for houses that are eligible for this product, and this product has been available for a while,” says Putnam. “This just allows us to round out our product package.”
Not all that long though – only homes that are purchased or renovated on or after May 1 are eligible for the rebate; and homeowners and buyers must pay all fees and insurance costs in full before they receive their discount. The premium discount must also be applied for within one year of the mortgage or financing deal being closed.
Many companies are looking for ways to cash in on the trend of going green, whether it’s offering discounts on mortgage insurance or just offering non-toxic, all-natural cleaning products. Fortunately, this is one form of marketing that companies are now trying, and that really is benefiting everyone – including the environment!