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E-M:/ Press Release
- Subject: E-M:/ Press Release
- From: Joel Wiese <firstname.lastname@example.org>
- Date: Wed, 24 Nov 2004 13:36:27 -0500
- Delivered-to: email@example.com
- Delivered-to: firstname.lastname@example.org
- List-name: Enviro-Mich
- Reply-to: Joel Wiese <email@example.com>
Enviro-Mich message from Joel Wiese <firstname.lastname@example.org>
Thought you all would enjoy seeing the latest win for the Michigan
environment. I know I didn't talk about the environmental impact on
air quality for Michigan in my release, but this is a big first step in
the right direction to reduce Michigan's energy dependence on fossil
fuels, and to clean up our air as well. Thanks again for all your
support! Here's to a greener way to live!
- - - - - - - - - - - - - - -
FOR IMMEDIATE RELEASE
Contact: Joel Wiese
Fax – 517-483-5114
Indigo Financial Group first in Michigan to close an energy-efficient
Lansing, MI (November 23, 2004) – Indigo Financial Group broke new
ground this month by being the first mortgage company in Michigan to
close a conventional Energy Efficient Mortgage. The new homeowner with
the Energy Efficient Mortgage will be saving $740 a year in utility
in this case will be reducing their monthly payment by $60 as compared
to a conventional mortgage payment.
With the Energy Department estimating natural gas prices up 15% and
fuel oil up 37% this winter, the Energy Efficient Mortgage, created by
Fannie Mae and
offered by Indigo Financial, is a smart and economical way for
homeowners and buyers to quickly lower their monthly bills.
According to Indigo loan officer Joel Wiese, it’s a tool that can save
30% to 50% on utility costs annually.
Not only do Energy Efficient Mortgages lower utility costs year after
year, they also increase the value of homes, and have a significant
impact. And they can be done with a new home purchase or a refinance.
This unique home financing option begins like any other mortgage with
the application for the loan. Once a homebuyer has been pre-qualified,
is subject to an energy audit to determine its efficiency.
The applicant then gets to choose from a “menu” of improvements that
will help contribute to the efficiency of the home. Everything from
windows and doors, heating and cooling systems as well as hot water
heaters, appliances, lighting and photovoltaic systems (solar power)
can be selected — and they will also see what they will save in utility
costs each year.
The funds for the improvements are placed in escrow and rolled into the
mortgage when the work has been completed after the closing takes place.
Wiese states that this product is not designed for do-it-yourselfers,
as lenders require a guarantee that costs will not spiral out of
Homeowners do have the freedom, however, to specify a contractor or
favorite brand of appliance.
Another unique aspect of the Energy Efficient Mortgage is that the
amount the homeowner can borrow to make improvements is based on 15% of
the appraised value, rather than on the equity that is available.
For example, for a $120,000 home, the homeowner could borrow roughly up
to $18,000 when making improvements.
“The majority of homeowners in America know they are throwing their
hard earned money away with old windows and inefficient appliances.
The good news is that you now have the ability to make a change very
quickly and affordably, and put your money to better use.” Wiese said.
As Fannie Mae’s Bob Sahadi, Vice President for Housing Impact agrees.
"The savings that can result from energy-efficient homes can make
homeownership more affordable for individuals and families. We know
that those who spend less on energy costs can put more toward the cost
of purchasing and maintaining a home. Fannie Mae is pleased to partner
with Indigo Financial Group to offer such an innovative mortgage
Because the Energy Efficient Mortgage can be used on purchases and
refinances in conjunction with every government and conventional
mortgage program and it meets all federal lending requirements, it’s a
familiar process. That’s why realtors are excited about it as well —
it gets people into a home and helps them quickly add value to it.
In fact, Carol Shaheen, Managing Broker for Tomie Raines, Inc. sees
this as a program that will change the very nature of how people buy
and improve homes. “Buyers can afford a home in a certain price range,
but often cannot then afford the upgrades needed to make the home
energy efficient. The Energy Efficient Mortgage lets them do the
necessary upgrade above their loan amount. We would like to see more
homebuyers take advantage of this innovative mortgage program. It’s a
true win/win for the buyers and the environment.”
Indigo Financial Group is a mortgage company based out of Lansing that
serves the state of Michigan with the Energy Efficient Mortgage. For
more information, visit Indigo Financial Group online at
www.EnergyEfficientMortgages.com or by phone (517) 483-5121, toll-free
The Energy Efficient Mortgage promotes the design, construction, and
operation of efficient new homes, and the renovation of existing homes
to be energy efficient. The Energy Efficient Mortgage closed by Indigo
utilizes the product developed by Fannie Mae for use by its lender
Eligible Energy Efficient Mortgage mortgages closed by Indigo will be
delivered to Fannie Mae for purchase. Fannie Mae (FNM/NYSE) the
nation’s largest source of financing for home mortgages, offers the
Energy Efficient Mortgage product to its lenders in support of the new
goals under Fannie Mae’s American Dream Commitment®. This Commitment
supports, among other goals, smart "fair growth" principles that call
for revitalizing communities using existing infrastructure, building a
variety of housing types and densities for people of all ages and
incomes, developing housing near mass transit, and building "green" to
protect the environment and lower home costs.
The American Dream Commitment is a registered mark of Fannie Mae.
Unauthorized use of this mark is prohibited.
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