A Green Mortgage or Home Equity Line of Credit

by Rob on April 7, 2008

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It seems every where you turn companies are trying to convince you that they are greener than the competition. Now even banks are getting into the green movement, at least in Canada. TD Canada Trust has recently launched the green mortgage or home equity line of credit. Green mortgages reward the eco-conscious for making energy-efficient home purchases or upgrades to existing houses. TD’s deal offers:

  • a rate discount of one per cent off the posted interest rate on a five-year, fixed-rate mortgage or line of credit.
  • a cash rebate of up to one per cent of the mortgage or fixed-rate portion of the line of credit when you load up on energy-saving appliances.
  • a $100 donation to TD Friends of the Environment Foundation.

TD is not the first bank to go green. Citizens Bank of Canada launched a green mortgage last year that included more flexible payment options and a $10,000 line of credit at prime for energy-efficient upgrades. Bonuses include a free energy audit, a $100 donation to the Conservation Council of Ontario and a blue box “gift basket” filled with hundreds of dollars of coupons for energy-efficient products.

So my question is this–when are green mortgages coming to America?

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