Homeowners sekk ways to save cash: Free weatherization and refinancing can be key to saving money for HB residents

By Jacqueline Del Valle
Contributing Writer

Recently, area homeowners came together to develop strategies to reduce their costs. To achieve this, they meet with Alfa Vergara from the Corporation for Youth Energy Corps, Inc. to learn about the agency’s free weatherization program. Sai Ping Kau, who works for the wholesale brokerage company National Lending Incorporated, also spoke with the homeowners about the pros and cons of refinancing.

The Corporation for Energy Corps, through funding for the New York State Department of Energy, provides free weatherization for low-income homeowners. After determining income eligibility, the Corps sends a staff member to perform what they term an audit in order to assess where the home is losing energy. According to Vergara, this involves checking the boiler, roof, windows, a blow door test and using an infrared camera to see where there are leaks and missing insulation. “It was wild,” said Gail Hernandez, a homeowner who is having her home weatherized. “They sucked out all of the air from the house to find the drafts. It was very thorough.”

Once the audit is performed, the Corps meets with the homeowner to develop a work plan and prioritize what needs to be done first. “If a client’s boiler isn’t working properly, for example,” explains Vergara, “we would fix this first. Repairing leaks only goes so far if there isn’t good heat to start with.” Among the services offered by the program include window repair or replacement, installation of energy-saving light bulbs, testing for carbon monoxide, and insulation.

The agency also works with homeowners who do not qualify for the program offering a free audit and competitive rates. Further, homeowners can receive the program based on the incomes of their tenants. “Weatherizing lowers the utility bills for the tenants as well the landlord,” explains Vergara, “so we look at everyone in the building’s income.” For further information, please call the Corporation for Youth Energy Corps at (718) 294- 2000.

The second speaker talked with the group about the myths of refinancing. “Right now is not the best time to refinance,” says broker Sai Ping Kau. “Banks are pushing refinancing but aren’t always giving the whole story. It’s important to remember that closing costs and fees are involved. Banks will sometimes leave this part out.”

Who should refinance now was the question that the homeowners wanted to know. According to Sai, anyone who is paying more than 6.5 percent for a fifteen-year mortgage or 7 percent for a 30 year mortgage should refinance as the current rates are at 5.5 percent.

Several homeowners that night were found to have very high interest rates and were going to pursue refinancing based on this information. “We learned a lot,” said Wilson Plaza, who attended the workshop with his brother-in-law and sister. All three felt they would be able to find a better interest rate than the ones they had.

“We need to be savvy and be able to find this kind of information out for ourselves, “ said homeowner Dorcella Shell, who helped put together the meeting as part of the ASWON Homeowners Committee. She is looking to hold more workshops for homeowners on everything from laying tiles to understanding the stock market. For more information on the Homeowners Committee, please contact Jackie Del Valle at the Highbridge Community Life Center at (718) 681- 5212.