Thursday, April 2, 2009

What are Green mortgages?

'Green mortgages' is becoming more famous everyday. So, what are green mortgages? Well, I think most of us know what green homes are, don't we? These homes use renewable sources of energy, thermopane windows, and money-saving items. The owner of a green home has the opportunity to get mortgage loans at a lower interest rates.

Many energy-efficiency advocates believe that this concept of green mortgage is an important step towards promoting the use of renewable sources of energy. Bank of America was the first to launch the green mortgage program. Through this program, the green-home{homes that satisfy the Energy Star energy efficiency requirements} buyers get 1000$ back.

Experts believe that green mortgage will become a huge hit in the future.