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How to Get Your Energy Efficiency Rebate from Mortgage Default Insurers

When you are thinking of buying your home, your focus may be tied up in securing a mortgage and funding to place an offer on the house of your dreams. Yet, there is your entire life to live in that home once everything is signed and sealed. One important aspect of homeownership that we are sure if important to you, is remaining energy efficient and ecologically conscious.

Beyond environmental factors, having an energy efficient home can save you a lot of money in the long-term, both by decreasing heating and cooling costs, and in terms of reduced general repairs as energy efficient homes tend to be newer, or at least newly renovated. Yet the prospect of adding another “must-have” to your list, after the number of bedrooms and bathrooms you need, and the outdoor or closet space you want can seem daunting to some. Energy efficient homes, or newly renovated ones, can be a bit pricier.

However, there is one way to get the eco-friendly haven you’ve always wanted and to save money along the way. Here in B.C., and across the country, the government understands Canadians’ increased valuing of the environment. That is why the Canadian Mortgage and Housing Corporation or CMHC has introduced premium refunds of up to 25% to homeowners who either buy energy efficient homes, or renovate a current home to be more energy efficient. Finding out if you are eligible for these insurance rebates is incredibly simple, and the application process can be done entirely online. Here are the basics:

To be eligible for a 15% Premium Refund nationally, your home must be built under one these building standards:

  • Built Green
  • ENERGY STAR
  • LEED Canada for Homes

For a 25% Refund, your home must adhere to the R-2000 standards. If you are unsure about the status of your home, or think that it may not be eligible under these terms, there is still a way to find out if you qualify for a CMHC premium refund. If you get your home assessed by a NRCan qualified energy advisor, and your home scores above an 82, you can get a 15% refund. If your home scores above 86, you qualify for the maximum 25%.

However, at Mortgage West – The Mortgage Centre, we understand you have a lot on your plate already during the process of purchasing a home. That’s why our mortgage brokers are fully informed on this rebate program, as well as any other relevant provincial and national programs to help homeowners become more energy efficient. We can help you through this application process, as well as all the red-tape associated with buying a home. To find out more about energy efficient homes, or to find the best mortgage for your situation, contact Rose Blankenagel at Mortgage West – The Mortgage Centre.