Wednesday, April 20, 2011

BMO Eco Smart Mortgage

Mortgage.  Everyone's favourite word, right? 

As a kid, the word 'mortgage' once was a word I thought was only used by people my parents' age.  It was a 'grown up' word.  I find it interesting that when we were younger, our biggest worry was what we were going to wear to the NKOTB concert (just in case Jordan Knight should happen to spot us in a crowded stadium and fall in love with us).  Now, my peers and I are thinking about mortgage rates and other fun stuff related to home ownership.

Another thing I noticed was that more and more of my peers are also thinking "green". Whether it be because we are more environmentally conscious than we once were or because now we have families of our own and being green helps not only the environment, but also our bank accounts, more and more of us are looking for eco-friendly solutions.  This is especially true of our choices when it comes to our homes.  I know for us, Hubby and I have installed all brand new windows and properly insulated our old farm house.  We have passive solar energy from our greenhouse and we've replaced most of our large appliances to make sure they are Energy Star approved. We also replaced our water system to make sure it is Energy Star approved.

I was excited to discover that BMO wants to encourage and reward Canadian homeowners who are looking to reduce energy consumption and offer them a special mortgage rate!  Canadians who meet BMO's energy efficiency criteria can be offered the BMO Eco Smart Mortgage -- a new mortgage product with market leading five-year fixed rate of 3.89 per cent.

Homeowners can simply download the appropriate checklist (for house or condo) from the BMO website.The check-list includes things such as: High-efficiency heating and cooling systems, Solar, tank-less or ENERGY STAR qualified hot water system and ENERGY STAR qualified windows, doors and major appliances. After going through the checklist, if the homeowner feels their home meets all the criteria and qualifies, they can contact BMO branch to speak with a mortgage specialist. An appraiser will be sent by BMO to confirm whether or not the house qualifies.

To qualify, 6 out of 7 items must be met. We almost qualified. Not all of our appliances are Energy Star approved (we have three old chest freezers in the basement that store our meet and produce from our farm and one of the freezers isn't Energy Star approved ). Our greenhouse is attached to our kitchen and it isn't insulated according to the guidelines set on the checklist.

Though Hubby and I are environmentally conscious, our house is indeed old and does need some improvement to be even more energy efficient.

For the checklists and more information on BMO Eco Smart Mortgage, click here.

WAIT! There's more!

WIN a $50 RONA gift card! One lucky winner will win a $50 gift card (you know, so you can use it to buy items from RONA to make your house even "greener")!

All you have to do is tell me in a comment here what your future plans are to make your home more energy efficient.

Giveaway open to Canadian residents only. Ends on May 15, 2011.

Disclosure – I am participating in the BMO Eco Smart Mortgage program by Mom Central Canada on behalf of BMO - Bank of Montreal.  I received a gift card as a thank you for my participation.  The opinions on this blog are my own.


Vanessa said...

We would like to replace our windows and install solar panels to make our home more "green" winning this gift card would be wonderful!

CoachRobyn said...

The house is a relatively recent construction, and it's pretty well insulated, and our appliances are efficient. We're looking at solar water heating options - and in the long term would love to make the investment in geothermal heating (though hydro is already pretty green.) robyn dot ouimet at gmail dot com.

karasceviour said...

We plan on putting in all new energy efficient windows within the next year. karasceviour at hotmail dot com

Cindy Babcock said...

At some undefined point in the future we will be insulating our currently unfinished basement.

ksceviour said...

We "plan" to buy new energy efficient windows and insulation for our basement!

ksceviour at hotmail dot com

Lee-Anne said...

What a neat idea! Our mortgage comes up for renewal within the year and I'll definitely be looking into the Eco Smart Mortgage - looking at the check list I think we'll qualify (new build, new appliances)!
To make home even more efficient, we're slowing replacing all our incandescent light bulbs with energy efficient ones. Also, this summer we're installing a rain barrel - great eco-friendly way to water the garden!

freeshopper said...

We already have some energy efficient appliances, but would like to eventually have an energy efficient furnace.

FrugalDeb said...

We just replaced a patio door and plan on replacing some windows to make our house even greener. dmhaen gmail dotcom

Glogirl said...

We are replacing our furnace this year which will definitely make our home more energy efficient.


Anonymous said...

We are planning to replace our furnace this summer with a much more efficient one.


Tanya said...

This comment has been removed by the author.

Tanya said...

Well I rent so theres not alot I can do here. To make my home more efficient, we're slowing replacing all our incandescent light bulbs with energy efficient ones. I also try not to keep appliances plugged in when they are not in use.
canineandethereal at yahoo dot ca

Anonymous said...

I am going to be replacing the last Old window in my house this year to a brand new efficient one.


mrs.shopper said...

We do some energy savings a little here and there when it fits our budget. I think $50 might cover a hot water cover so that would be the plan. thanks Mrs. Shopper from
Email: mrs.shopper at simply shop and save dot ca

Anonymous said...

We are installing a new front door next week!


Anonymous said...

Next time hot water covers are on sale at Canadian Tire I will be picking up one.


Danielle said...

We're thinking about getting some solar panels for our cottage.

dhunter at musician dot org

roswell said...

we have already converted to low flow taps and shower heads and energy effiecinet light bulbs, i am also on a big unplug campaign in my home, what we do need though is ENERGY STAR qualified windows, that will be a big one, but soo needs to be done
staceyx at telus dot net

Robyn said...

We have already done A LOT to make our house more energy efficient including: adding more insulation to the walls and attic, insulating basement walls, new front-load washer, new exterior door, and 4 new Energy Star qualified basement windows. We have also replaced our old light bulbs with Energy Star rayed bulbs. In the future we will be replacing our fridge and stove with more energy efficient models and adding a blanket to our water heater.

arctic_teacher AT yahoo DOT ca

Anne-Marie T said...

We just recently purchased new energy efficient washer and dryer.


Belinda M said...

We plan on redoing the caulking around our windows this summer


~Crazy 4 Daizies~ said...

~new windows, and I'd like one of those 2-button bi-flush toilets!

Snowy Summer said...

We're planning to upgrade the attic's insulation this summer

Anonymous said...

I am changing my last old cira 1960's window left in the house next month, I can't wait!

adriannafortin at hotmail dot com

Soozle said...

As a renter, I cannot make huge renovations.. BUT, I have switched to LED lights and our windows are new, and the appliances are energy efficent ones! I also make sure to turn off all lights/gadgets when not in use
sbabij2 at shaw dot ca

catamo said...

We plan on installing solar panels to heat our swimming pool this summer. Our appliances have all been replaced recently.
catamorg (at) gmail (dot) com

Jacqueline S said...

I am a renter currently and live in an area where the "strata" has very high control...but we want to put in solar lamps in our back yard

jlas at live dot ca

Jennifer said...

I am slowly renovating my "century home" aka rundown old house. I am tearing out old walls, reinsulating (or insulating where there was none) and plan to put more insulation in the attic space. Most of my windows are new, but there are two in the living room that have yet to be done.
cookiejen100 at hotmail

bwright said...

We have been upgrading and renovating our house for the last two years. We have done the Eco-energy retrofit offered by the government. In the process replacing about 1/2 the windows, replacing the older oil furnace with a new energy efficient propane furnace, and making the house more air tight. However, we still need to add more insulation in the basement and attic, and replace one of the toilets. This gift card would help us do that.
beverly_wright at omniglobe dot ca

Susan Margaret said...

I'd like to buy more energy efficient appliances

charmtime at gmail dot com

mean green mom said...

We have an old house too (1930's) and plan on replacing our wwindows this year as well. I am also hoping to get some new energy star appliances.

The Baby Bottom Line said...

We would totally use the $50 GC to help finish our basement and put it towards an energy efficient toilet... lol :)

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City girl moves to the country, falls in love, and marries a farmer. She tries to incorporate her city ways with her new country lifestyle and blogs to keep in touch with friends, family & students who live far, far away :) Can this city girl go country? Watch as she learns all sorts of exciting things about life on the farm and in a small rural community. *UPDATE* We are now parents! Our baby girl was born on Nov. 11, 2008 (at 28 weeks gestation- 12 weeks premature, but she's quite the trooper)!!!
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