Greener Financial Services

Vancity Credit Union and Citizens Bank (Vancity’s national online bank)

• Climate Change Mortgage – This mortgage is not advertised and instead Vancity/Citizens Bank allocate the money they would normally spend acquiring a mortgage to a climate change fund.
• Bright Ideas Home Renovation Loan - Grants range from $3,500 to $20,000 at a reduced rate of interest. To qualify, you need to make renovations recommended by an ecoENERGY Retrofit evaluation of your home.

TD Canada Trust’s Green Mortgage and the Green Home Equity Line of Credit (HELOC) for new or existing customers:

• Rate discount –1% off the posted interest rate on a five-year fixed rate mortgage or on a five-year fixed rate portion of a HELOC
• Cash rebate –rebate up to 1% of the amount of the mortgage or the fixed rate portion of the HELOC when you make ENERGY STAR® qualified purchases
• And at the time you receive your rebate, TD Canada Trust will donate $100 to the TD Friends of the Environment Foundation

Canadian Mortgage and Housing Corporation (CMHC): Energy Efficient Mortgage Loan Insurance Refund
A 10% CMHC mortgage loan insurance premium refund may be available when you use CMHC-insured financing to purchase an energy-efficient home or make energy-saving renovations.

Green Mortgage History

The green mortgage was born in 1979 when US President Jimmy Carter signed an executive order directing federally sponsored secondary market institutions to offer consumers incentives for energy-efficient homes. The concept is based on the premise that a more energy-efficient home will have lower utility bills. That savings can be considered income, allowing a homebuyer to qualify for a bigger loan.