“When you purchase a home, it’s more than just principal and interest. You’re never going to own a home and not utilities, not have power payment, not have gas payment, and not have water payment. So we said, O.K., let’s talk about PITI plus utilities and then what’s that total payment, then how can we maximize that for home buyers.”
When purchasing homes, home buyers who are financing the purchase would consider what the monthly payment would be. They don’t always take into consideration how much it may cost to operate and maintain the homes, namely the utility bills. In some areas of the country, the heating and/or cooling cost can become exorbitant. Don Worthington introduces Lowtility, a mortgage product that allow the homebuyers to include the cost of energy efficiency improvement in the purchase price as the first mortgage. While there are other similar “green financing” products as were introduced in previous episodes of this podcast, Lowtility approaches the underwriting process with minimized utility bills in the equation. Homebuyers can have energy efficient homes for the same or less amount of monthly payments with little to none utility bills. They service all across the United States except the state of New York. Find out more from Don!
