Home Improvement Rapid City SD

Home improvement in Rapid City, SD does not come without cost. Most energy-efficient financing programs will encourage you to have an energy rating for your new or existing home, which will tell you and the lender how energy-efficient it is. A rating typically involves an inspection by a professional energy rater who is certified under a nationally or state accredited home energy rating system (HERS). Please scroll down to learn more and get access to all the related products and services in Rapid City, SD listed below.

Green Tree Servicing LLC
(605) 355-7000
1400 Turbine Drive
Rapid City, SD
 
Financial Freedom Senior Funding Corp
(605) 348-1364
1160 Duffer Dr
Rapid City, SD
 
Rapid City Telco Fed Credit Union
(605) 342-8522
811 E St Andrew Street
Rapid City, SD
 
Cu Mortgage Direct LLC
(605) 721-0675
625 Flormann St
Rapid City, SD
 
Allied Home Mortgage Capital Corporation
(605) 718-4300
731 Saint Joseph St Ste 240
Rapid City, SD
 
Pioneer Bank - Trust
(605) 341-2265
2001 W Omaha St
Rapid City, SD
 
Premier Home Mortgage Inc
(605) 716-7373
1220 Mount Rushmore Rd Ste 2
Rapid City, SD
 
Dacotah Bank
(605) 394-9000
125 Main St
Rapid City, SD
 
First Western Federal Savings Bank
(605) 341-1203
402 Main Street
Rapid City, SD
 
Highmark Federal Credit Union
(605) 343-4776
725 5Th Street
Rapid City, SD
 

Home Improvement

Home Improvement Financing


Consider: Energy-Efficient Financing, Home Equity Lines of Credit, Home Equity Loans, Home Loans, and Low Rate Construction Loans.

Home Energy Rating

Most energy-efficient financing programs will encourage you to have an energy rating for your new or existing home, which will tell you and the lender how energy-efficient it is. A rating typically involves an inspection by a professional energy rater who is certified under a nationally or state accredited home energy rating system (HERS). There are several options regarding HERS, so the type of HERS used will depend on where you live. Some states even have more than one HERS.

For the most part, an energy rater will inspect the energy-related features of a home, such as insulation levels, window efficiency, heating and cooling systems, and air leakage. After the inspection, the energy rater will probably give you a report that includes the home's energy rating along with an estimation of annual energy use and costs. The report also may include recommended energy-efficient improvements, if needed, and their costs, as well as the potential annual savings and eventual payback of the improvements.

To help qualify for most energy-efficient financing, the report usually must show that the home is energy-efficient or that recommended improvements are cost-effective and will save you more money than you'd be borrowing to install them. While calculating whether a borrower qualifies for a mortgage, a lender can recognize these savings and add the cost of the improvements into the mortgage. Or, if the home is already energy-efficient, the lender can stretch the debt-to-income qualifying ratio, which is expressed as a percentage (the ratio is calculated by dividing a borrower's monthly payment obligation on long-term debts by the borrower's net effective income or gross monthly income).

The cost of a home energy rating and how it can be paid—by the borrower, the seller, the lender, the real estate agent, or financed as part of the mortgage—as well as the availability of certified energy raters, can vary from state to state and from one energy-efficient financing program to another.

Energy-Efficient Financing Programs

You can apply for energy-efficient financing through a government-insured or conventional loan program. Some states even have programs for their residents, so it's a good idea to contact your state energy office to find out if your state does.

There are two types of energy-efficient mortgages (EEMs): one for a new home and one for an existing home. With an EEM, you can purchase or refinance a home that is already energy-efficient. Or you can purchase or refinance a home that will become energy-efficient after energy saving improvements are made. Most energ...

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