We're making plans to downgrade our lifestyle. We'll have the same income but spend less, and thus get out of debt sooner.
However, some things we need to do require cash. We'll have some cash, but not enough. I think we should have everything covered except the PV system (solar panels). And we do need that kind of upfront instead of waiting and saving up for it, because, well, it's electricity. I'm not prepared to not have any electricity. Other things we'll have can come with time. We're even willing to haul water for a while if needed, that sort of thing. (If we stay put and save up for it, it will take years and years, maybe 10 years - so if that's the only way, then it's just not happening at all and we'll be in debt forever).
So I've heard of these EIMs and wonder if these are just pipe dreams or if people actually get them. As I understand it (and I could be wrong), you can tack on the cost of energy improvements to the mortgage. So if we have a $50,000 mortgage and we need a $13,000 PV system, then we get a $63,000 mortgage.
Our ability to pay off the mortgage will be excellent, our credit is outstanding (in the 800s last I checked, years ago, and no reason to believe it's gone down) and we'll be paying something like double the minimum payment on the mortgage. So I feel we are good candidates, but I also know the climate in the mortgage industry is a lot different (with good reason).
I was curious to get any feedback before I spent a lot of effort talking to banks and so on.
However, some things we need to do require cash. We'll have some cash, but not enough. I think we should have everything covered except the PV system (solar panels). And we do need that kind of upfront instead of waiting and saving up for it, because, well, it's electricity. I'm not prepared to not have any electricity. Other things we'll have can come with time. We're even willing to haul water for a while if needed, that sort of thing. (If we stay put and save up for it, it will take years and years, maybe 10 years - so if that's the only way, then it's just not happening at all and we'll be in debt forever).
So I've heard of these EIMs and wonder if these are just pipe dreams or if people actually get them. As I understand it (and I could be wrong), you can tack on the cost of energy improvements to the mortgage. So if we have a $50,000 mortgage and we need a $13,000 PV system, then we get a $63,000 mortgage.
Our ability to pay off the mortgage will be excellent, our credit is outstanding (in the 800s last I checked, years ago, and no reason to believe it's gone down) and we'll be paying something like double the minimum payment on the mortgage. So I feel we are good candidates, but I also know the climate in the mortgage industry is a lot different (with good reason).
I was curious to get any feedback before I spent a lot of effort talking to banks and so on.
but just wanted to mention, in case you weren't aware of it, that there is a federal tax CREDIT (not deduction, and credit is better) covering 30% of energy improvements to your house (up to some limit, you'll have to find out the details). Maybe you were aware of that, just wanted to mention it just in case. That of course is separate from financing the other 70%+ of it.
