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RALEIGH, N.C., Sep 14, 2006 -- BUSINESS WIRE
State Employees' Credit Union (SECU) Board of Directors has approved the implementation of a "Green" Mortgage Program. The new energy awareness mortgage encourages home energy conservation with expanded debt to income ratios, a 50% reduction in origination fees, and 100% financing for qualifying members. The U.S. Department of Energy and EPA helped develop the home energy rating system (HERS) that measures the energy efficiency of homes. The energy efficiency of a home is validated by independent third party inspectors, called raters, who are specifically trained on the HERS guidelines. Many builders are turning their focus to building homes which are more environmentally friendly and energy efficient, making use of upgraded windows, better insulation and highly efficient appliances, as well as more efficient heating and cooling systems. Estimates show an anticipated 30% increase in this type of construction in 2006. SECU, realizing that these homes will be more expensive due to the increased initial cost of construction, is offering the "Green" Mortgage to assist in the affordability to members of such homes. Long term savings in monthly utility bills can be substantial and often quickly offset extra construction costs. Energy Star homes may also provide greater future resale values. Phil Greer, Senior Vice President of SECU's Loan Administration Department comments, "State Employees' Credit Union realizes the importance of saving energy and is making every effort to assist members with their conservation efforts. As SECU continues to look at the special needs of its members, the "Green" Mortgage is a fine example of the Credit Union reaching out to meet those needs. SECU strives to make a difference in the lives of member-owners and is thrilled to help make a positive difference in the environment as well." Jo Anne Sanford, Chair of the North Carolina Utilities Commission and a member of SECU's Board of Directors, adds, "Acutely aware of the importance of energy conservation and efficiency in today's society, I am very pleased that our Board has approved the "Green Mortgage." We must all learn to make wise choices that maximize our energy resources, and I applaud the enlightened efforts of the Credit Union in helping to make a choice for conservation a realization for our members." About SECU SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for over 65 years. Currently serving over 1.3 million members, SECU provides services through more than 200 branch offices, approximately 900 ATMs, two call centers and a website--www.ncsecu.org. SOURCE: SECU News Provided By |
