Millions Refunded through Green Mortgage Program
Who doesn't like a refund? Apparently, lots of Canadians do - to the tune of $3 million through the Canada Mortgage and Housing Corp. (CMHC) Green Home Mortgage Program over the last year.
That's great news for those homeowners, who received a 10% premium refund on their mortgage insurance for:
- Buying an energy-efficient home
- Building an energy-efficient home
- Doing energy-saving renovations to their home
And, if the recent changes in mortgage rules are affecting your decision to refinance your home, or buy a new one, you can be encouraged by this 10% reduction in your mortgage insurance by playing by "green" rules.
The CMHC introduced the 10 per cent "green refund" on mortgage loan insurance premiums back in 2005. Since then, Canadian banks - such as TD Canada Trust, RBC Royal Bank, and Citizens Bank of Canada (online) - are also jumping into the green mortgage scene.
Did you know that more than 17 percent of the energy consumed in Canada is used to run our homes? What are you doing to help conserve energy - whether taping into the federal government's ecoEnergy Retrofit Grants, getting a green mortgage, "energy staging" your home, or all of the above?
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