Loans can help homeowners save energy

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To help homeowners cut energy costs, Bellevue's First Mutual Bank has teamed with mortgage giant Fannie Mae to make financing available for energy-saving home improvements. A third partner, Puget Sound Energy, will link consumers to the bank through its Enliance contractor-referral program.

PSE created Enliance to share information about energy use, conservation and options. The independent contractors on its list have been prescreened according to 15 criteria. They must be used in conjunction with the loans.

First Mutual will loan up to $20,000 for improvements such as insulation, windows, roofing, siding, water heaters, heating systems and doors. Additionally, money is available to repair or replace energy-consuming appliances, including ovens, dryers and refrigerators. Homes must be owner-occupied.

"The beauty of it is it's so quick and easy, it doesn't tie up equity and it allows for home improvements to be installed," said Mike Sanford, First Mutual's manager of sales finance. The unsecured loan, similar to a car loan, is repaid within three to 10 years.

Homeowners can get information about the contractor referrals and loans, as well as free energy-saving tips, by calling Enliance at 800-562-1482.

First Mutual, the oldest independent bank on the Eastside, is the only one on the West Coast offering this Fannie Mae-backed loan program, Sanford said.

Elizabeth Rhodes can be reached at 206-464-2306 or erhodes@seattletimes.com.