Wealth Management

What’s the method to use for an power mortgage?

Chances are you’ll really feel intimidated by the method of making use of for an power mortgage, however it’s surprisingly straightforward. And at Elevations, we’re right here to help you each step of the best way. Dwelling power loans can be utilized for tasks huge or small; the minimal quantity Elevations will finance for a house power mortgage is $500. These 4 steps will enable you go inexperienced with photo voltaic panels or new energy-efficient home windows and way more.

Outline the mission

To get began, you’ll need to establish your native power mortgage program and search mission approval. Our collaborating power mortgage companions are Boulder County’s Power Good Program, HELP Loans for Metropolis of Fort Collins Utilities Clients and Colorado Clear Power Fund loans by the Colorado Clear Power Fund. Your power advisor will enable you establish out there rebates and monetary incentives, plus join you with a collaborating contractor. Study extra about which tasks qualify for a house power mortgage on our weblog.

One factor to bear in mind is that every one contractors should be on the approved contractors checklist for the mortgage to be authorised. This checklist updates usually, socheck it earlier than beginning a mission.

Submit your utility

You may then full our power mortgage utility. As soon as your utility is submitted you need to obtain a affirmation e-mail inside just a few enterprise days. When you’ve uploaded your revenue paperwork (see subsequent part), it would usually take about 1-3 weeks for the Colorado Clear Power Fund (CCEF) to assessment your contractor’s proposal and reply with an official approval or subsequent steps. If CCEF approves your mission, then we attain out to let you recognize your mission can proceed. In case you have any questions all through the method, be happy to name us at 800.429.7626.

Collect your supporting info

As soon as your utility is pending approval, we’ll attain out
for the next info:

Verification of Revenue
- W2 Worker –
  most up-to-date paystub
- Self-Employed
  – most up-to-date 12 months’s tax return
- Retired/Different
  – most up-to-date month-to-month revenue assertion
Challenge approval by your collaborating power mortgage program

We’ll ship you an e-mail with a hyperlink to securely add these paperwork. The e-mail can even embody the preliminary phrases of your power mortgage, together with price, time period, cost, and charges. As soon as the applying is authorised, it’s good for 180 days. After that point, candidates would wish to re-submit revenue paperwork, have one other credit score examine and could be topic to any price modifications.

Get began in your mission

As soon as your mortgage is authorised by Elevations and the collaborating power mortgage program, we’ll contact you with the following steps.

Sometimes, you’ll schedule and full the mission along with your approved contractor and e-mail the ultimate bill to Elevations when the mission is accomplished. Additionally, you will must assessment and signal mortgage closing paperwork; these paperwork will likely be emailed to you securely, and you might choose to schedule a closing at certainly one of our branches.

As soon as your mission has been authorised, you have to to determine your membership account at Elevations earlier than closing if you’re not at present an Elevations member. After membership, approval, and mortgage closing, Elevations will use your mortgage proceeds to pay your contractor immediately. Study turning into an Elevations member right here.

Please observe that your utility is sweet for 180 days. To proceed with a mission after that point, we would wish to re-pull your credit score and recollect revenue paperwork. At the moment, you’ll then be topic to present charges, if they’ve modified.

In case you have any questions, please give us a name at 800.429.7626. We stay up for serving to you lower your expenses and take care of this stunning place we name house with an Elevations Power Mortgage.