What are Canada Greener Homes Loan?
It is a federal program designed to support homeowners in Canada who want to make energy-efficient upgrades to their homes. It is part of the broader Canada Greener Homes Initiative, which aims to reduce greenhouse gas emissions and help Canadians save on energy costs.
The loan helps homeowners finance home improvements that increase energy efficiency, such as upgrading insulation, windows, doors, and heating systems.
The program is available to Canadian homeowners who wish to undertake energy-efficient renovations. Applicants must be Canadian residents and own the home they intend to renovate.
Homeowners can borrow up to $40,000 to cover eligible energy-efficient renovations. The loan is offered at a low-interest rate, which is typically lower than traditional home renovation loans. The loan can be repaid over a period of up to 10 years, providing flexibility in managing monthly payments.
What is the Toronto home energy loan program?
The Toronto Home Energy Loan Program (HELP) is a municipal initiative aimed at helping homeowners in Toronto make energy-efficient upgrades to their homes. The program is designed to improve energy efficiency, reduce greenhouse gas emissions, and help homeowners save on energy costs.
The program is available to residential property owners within Toronto. It applies to various types of residential properties, including single-family homes, semi-detached homes, and townhouses.
Homeowners can access up to $75,000 to cover the cost of eligible energy-efficient renovations. The loan is repaid over a period of up to 15 years, with payments added to the homeowner’s property tax bill.
Home loan calculations for 20 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 400,000 | 4.80% | 193,600 |
| 400,000 | 4.80% | 193,600 |
| 400,000 | 4.80% | 193,600 |
| 500,000 | 5.30% | 267,208 |
| 500,000 | 5.30% | 267,208 |
| 500,000 | 5.30% | 267,208 |
| 600,000 | 5.80% | 350,900 |
| 600,000 | 5.80% | 350,900 |
| 600,000 | 5.80% | 350,900 |
| 700,000 | 6.30% | 444,675 |
| 700,000 | 6.30% | 444,675 |
| 700,000 | 6.30% | 444,675 |
Can I get mortgages for mobile homes?
Yes, you can get mortgages for mobile homes in Canada. Traditional mortgage lenders might offer loans for mobile homes if the home is on a permanent foundation and meets certain criteria.Terms and conditions are similar to standard home mortgages, including interest rates, down payment requirements, and amortization periods.
Some lenders offer specialized loans specifically for manufactured or mobile homes. These loans may have different terms and conditions compared to traditional mortgages.
If you cannot qualify for a traditional or specialized mortgage, you might consider personal loans. However, these often come with higher interest rates and shorter repayment terms.
You can also see the similar FAQ about:
- Cash back mortgage proposal in CIBC
- Does CIBC cooperate with mortgage brokers
- Does Equitable Bank charge the mortgage penalty?
- Equitable Bank appraiser list
- Financial calculators from Vancity Credit Union
Details of companies offering the financial services:
Canada Mortgage & Housing Corporation
Web-site: https://www.cmhc-schl.gc.ca/
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003