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Anybody know about EEM's and lower mortgage rates in Michigan

  • May 17 2011 - Grand Rapids Township
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Answers (2)

I have done many EEM's, but not sure what you mean by "and lower mortgage rates".

The EEM doesn't "lower" your mortgage rate, because you are doing an EEM.  It merely may help get you additional money for increasing your energy efficiency in your home, and perhaps qualify for more payment, with the lower factored utility costs.

This does not have an impact on your interest rate, however.

Sorry. :(
  • May 24 2011
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Profile picture for BerkshireGR
Well, I have only heard of this once before, but have not had a client yet get involved with this program. here is a link from the state of Michgan website of lenders that do "EEM"'s or Energy Efficient Mortgages

http://www.michigan.gov/documents/CIS_EO_Inside_hers3_38747_7.htm

Another program you might want to look into is the "MCC" or mortgage credit certificate program. Which if you qualify for, you will get a straight tax credit of 20% of the total mortgage interest you paid that year off your federal IRS taxes, Yes I said Tax credit, not Deduction.
  • May 17 2011
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