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confused!

Posted on: 07th Jan, 2007 04:21 pm
I have read so many mortgage packages...I am just sick!.
I puchased property to build a home 5 years ago ($17,000). I have saved approximately $20,000.
I would like to build a energy efficient home using PV through out; so I expect a small electric bill.
My credit score is 820.
Do I need a mortgage broker to help me find the best interest rate?
Do I go with Fannie Mae or Freddie Mac energy program?
I am afraid of signing any documents without personal legal representation. But this will add to the cost of everything.
Hi Tikki,

Welcome to the forums.

Congratulations for a very good credit score!

Going for a broker is a good idea provided the broker has contacts with good number of nationalized lenders and mortgage companies. It will be easier for you to shop around and look out for the best interest rate. But you need to think whether you can afford the fees charged by a broker.

Thanks,

Sara
Posted on: 07th Jan, 2007 07:46 pm
Hi Tikki,

You can surely go for the Energy efficient programs offered by Fannie Mae or Freddie Mac. But for that, you need to have a report on Home Energy Rating Systems (HERS) which evaluates the energy efficiency of the property against which the loan is taken.

The HERS report is prepared by a trained energy rater who takes into account factors such as window types, local climate, efficiency of appliances, insulation, and utility rates in order to rate the home and determine the energy costs.

Thanks
Posted on: 07th Jan, 2007 10:35 pm
It may cost more if you have all legal documents signed in presence of an attorney but that's important. It will save you from future troubles.
Posted on: 08th Jan, 2007 02:03 am
Hi ,

You can go for energy efficient mortgage insured by the HUD. These loans are offered for energy-efficient improvements made on property. There is no need of down payment, neither does it require a new appraisal.
The loan includes around $200 s the cost of the home energy rating.
Posted on: 08th Jan, 2007 03:30 am
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