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• Democrat Floats Plan to Refinance Home Loans With U.S. Help
• Federal Home Loan Bank of San Francisco Releases January 2008 Cost of Funds Index
• Need funds for your business? Encash your home equity
• Remodeling Your Home - Thinking Of Giving Your Home A Face Lift Venture
• Is 40 the new 30 in home loans?
• CBA picks Adobe Air for home loans
• Loan rates to rise
• Home loan award won by Coventry
• Britons paying £140m over the odds for home loans
• Home loans with loyalty bonus

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The Federal Home Loan Bank of San Francisco announced February 29, 2008, that the District Monthly Weighted Average Cost of Funds Index (“COFI”) for January 2008 is 3.970%. The index for December 2007 was 4.072%.The COFI is computed from the actual interest expense reported for a given month by the Arizona, California, and Nevada savings institutions members of the Federal Home Loan Bank of San Francisco that satisfy the Bank’s criteria for inclusion in the COFI (“COFI Reporting Members”). Changes in interest rates on adjustable rate mortgage loans offered by many financial institutions are tied to changes in the COFI. Although the Federal Home Loan Bank of San Francisco makes a good faith effort to be accurate in the calculation and publication of the COFI, the Bank does not warrant, confirm, or guarantee the accuracy of the data it receives from its COFI Reporting Members, the accuracy of the COFI calculation, or the accuracy of the COFI as published.

The Bank does not examine the books and records of its COFI Reporting Members for the purpose of confirming the accuracy of the data they deliver to the Bank used to calculate the COFI, and the Bank expressly disclaims all liability that may arise from any use of the COFI or the use of inaccurate data received from its COFI Reporting Members in calculating the COFI. In addition, the Bank expressly disclaims any liability to any person for any inaccuracy in the COFI, regardless of the cause, or for any resulting damages.

The Bank accepts data for the COFI for a given month from the COFI Reporting Members until 12 noon California time on the last business day of the following month and publishes the COFI for that given month based on data received by that time. The Bank will not revise or republish the COFI for a given month based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result. In addition, although the Bank makes a good faith effort to publish the COFI on the last business day of the following month at or after 3 p.m. California time, the Bank does not guarantee that it will always publish the COFI at that date and time, and the Bank expressly disclaims any liability for any delay in publishing the COFI.

Certain corporate activity, such as charter changes or mergers, may cause the Bank to determine that a financial institution no longer qualifies as a COFI Reporting Member and will no longer be included in the COFI. Similarly, if a COFI Reporting Member’s Bank membership is terminated, it will no longer be included in the COFI. The impact of such removals on the COFI will depend entirely on the amount of interest expense and total funds of the entity being removed, and may be significant.

When Nishant Sheth, a textile entrepreneur, was contemplating borrowing funds to expand his business, the first option that came to his mind was applying for a personal loan. But he thought over this and had almost approached a bank, when his father asked him to reconsider. His father suggested mortgaging the house where Nishant lived; pointing out that a loan against property would work out to be cheaper than a personal loan. Nishant saw merit in his father’s words and decided to approach the bank for a loan against his property. Like Nishant, many entrepreneurs are recognising the benefits of taking such a loan. They see it as a viable option, as returns on business are higher than the cost of a loan against property (also called home equity loans). Explains My Financial Advisor director Amar Pandit: “Real estate prices have shot up and business owners are looking at encashing a part of their home equity to fund a portion of their growth. This trend has emerged because of higher home prices, need for low cost funds, and to fund investment activity.”

This option is increasingly being exercised primarily by small entrepreneurs who have limited access to other means for credit. Taking the cue, banks have started promoting their loan against property portfolio. Says Vivek Vig, country head, retail bank, Centurion Bank of Punjab: “It was a hidden asset. People are realising that it can be leveraged to boost their business.” After valuation of the property, establishing the ownership and assessing the repayment capability, the loan is sanctioned. It is also subject to the minimum market value of the property specified by the bank. Typically, the loan amount could work out to 50-60% of the property’s market value (as determined by the bank).

There is no end to the scope of the various financial services provided by the bank and among those services is the one in which loans are provided by the banks for home renovations. A loan is nothing but a debt and home loan is nothing but a loan taken for home improvement. And today many banks are offering many useful schemes which have made our lives really easy and tension free. And one such weapon used by the banks is the loan which fulfils all our financial needs. Today, many of us think of investing money in our home repairing but sometimes our low cash inflow does not allow us to do so.

The greatest benefit of home improvement is that it gives high return in the market. And to solve out this problem of low cash inflow the banks are offering home improvements loans. These home renovation or improvement loans are basically the secured loans which can be incurred for a long time. This loan can be used for many functions such as buying new furniture or adding some more rooms in your home. It can also be used for white washing or painting of walls and even for some extravagant work like constructing a swimming pool etc.

An unexpected surge in CPI inflation has led economists to predict that interest rates could be set to rise soon. The Bank of England raises and lowers interest rates in an attempt to keep inflation as close to its two per cent target as possible. And today the Office for National Statistics (ONS) revealed that CPI inflation jumped from 1.6 per cent in February to 1.9 per cent in March.

Members of the Bank’s interest rate setting Monetary Policy Committee (MPC) had previously predicted that inflation would rise above the two per cent target - but not until next year. The news that inflation has now risen to 1.9 per cent heavily increased the chance that the MPC will hike interest rates at its next meeting on May 9.”This is a nasty surprise for the Bank of England that significantly increases the chances of an interest rate hike in May,” said Global Insight’s chief economist Howard Archer. He added: “Inflation has risen from 1.1 per cent last September and is now almost up to the Bank of England’s medium-term target of 2.0 per cent.

The Welcome Home Funds from the Federal Home Loan Bank of Cincinnati will become available, by reservation only, beginning March 17 and continuing until the funds are gone. Borrowers can receive up to $2,000 in grant assistance. These funds will be available on a first-come, first-served basis. These Welcome Home Funds are grant funds and are not repaid by the borrower. However, the borrower is required to live in the property for five years. You must allow at least four weeks for your reservation approval. The pool of Welcome Home Funds for 2008 is limited, and these funds are strictly first-come, first-served. It is important for you to know not all mortgage lenders are approved to participate in this pool of funds. Huntington is an approved lender, as well as several other lenders throughout central Ohio. Just ask them if they participate.

These grant funds can be used for closing costs and down payment assistance for several other unique mortgage lending programs that also will assist first-time buyers. Remember, a difference exists between your down payment and closing costs. Closing costs are costs associated with the loan closing, and the down payment is the part of the purchase price of a property the buyer pays in cash and does not finance with a mortgage loan. It’s always a good idea to count on paying some closing costs. Although if the loan is structured right, it’s possible to come to the closing with $500 or less out of your pocket. The rates on these unique mortgage programs are great. Some require Private Mortgage Insurance, and some don’t. Some require you must be a first-time homebuyer, and that’s defined as not being on a property title for the past three years.

In line with many other PSU banks, SBI associate State Bank of Bikaner and Jaipur (SBBJ) on Tuesday announced a cut in home loan rates by up to 1.25 per cent with immediate effect. The announcement by SBBJ came on a day when Finance Minister P Chidambaram asked PSU banks to provide adequate loans to housing and consumer goods borrowers as these sectors have been partly affected by the “conscious” moderation in credit growth. The bank has reduced floating interest rate on home loans by 1.25 per cent at 9.50 per cent for loans up to Rs 20 lakh.

For loans above Rs 20 lakh, the bank has slashed the rates by one per cent keeping it at 10 per cent. In both the cases, the loan duration is from 5 to 15 years, the bank said in a communique to the Bombay Stock Exchange. For customers opting for the loan for a longer duration between 15 to 20 years, the rates have been reduced by 0.75 per cent to 10.50 per cent for loans upto Rs 20 lakh. Interest rate on loans for more than Rs 20 lakh stands at 10.75 per cent. However, the fixed rate interest on home loans was reduced to 12.50 per cent from 12.75 per cent, the bank said.

Secured loan are probably the most inexpensive source of funds. Thus, when you need cheap financing, secured loans are the best way to go. However, it is possible to obtain better loan terms on your secured loans if you take the time to research a little. Following are some tips on how to obtain lower terms and better loan conditions on home loans, home equity loans and other secured loans. Home loans and home equity loans are both secured with an immovable property.

But though the home loan is secured with the house or condo, the home equity loan is secured with the remaining equity on the property. The remaining equity is the difference between the value of the property and the debt that the asset is currently guaranteeing. If you want to get a lower rate on home loans, there are several things you can do. Let’s start with the obvious that sometimes can be not so obvious: Your credit score will determine the interest rate you will pay. Therefore, if you can wait a couple of months to request the loan and work on improving your credit, chances are that you will get a much better rate when you do apply for a mortgage home loan.

The Union Finance Minister, P. Chidambaram, on Tuesday advised the chief executives of public sector banks (PSBs) to focus attention on delivering adequate credit for home loans and consumer durable sectors, stating that these two sectors were drivers of economic growth.” There is some slowing down for home loans and consumer durables. I have asked them to look at these sectors to ensure that adequate credit is delivered there too. Productive sectors have not been starved of credit,” Chidambaram told presspersons after his meeting with chief executives here on Tuesday.

Official data show that personal loan advances of public sector banks decelerated to 20 per cent growth during April-November 2007 against 35 per cent growth in the corresponding period of the previous financial year. In the personal loans category, growth in credit for housing and consumer durables decelerated considerably. The year-on-year increase in home loans as on November 23, 2007 stood at about Rs 32,424 crore, lower than the similar year-on-year variation of Rs 53,198 crore as on November 23, 2006.

NRIs are eligible for loans to purchase residential properties in India. Different banks use different criteria for lending to NRIs, but all banks mandate that the NRI has an account with the lending bank and also tend to earmark deposits held in addition to the mortgage on the property. The documentary requirements are similar to those applicable to local residents—personal detail documents (photographs, passport and visa copies, authority letter or power of attorney, driving licence, etc), financial detail documents (appointment letter, salary slip, bank statement, balance sheet, etc) and property documents (latest sale deed with previous chain link, allotment letter, payment plan and receipts for under construction properties, etc).

Most banks also need you to have a close blood relative in India, who can be a co-applicant to your loan. You cannot take the tax rebate applicable under Sections 24(b) and 80C for both the loans. You can, however, claim the interest on the second home loan as a loss under income from property if you are showing rental on that property as income.

With interest rates rising, the Rudd Government says consumers should be able to switch to better home loan deals without being slugged with high entry and exit fees, which can run into the thousands of dollars. Banks will also be required to do some of the heavy lifting by helping customers set up accounts with other providers. While it’s a step towards greater flexibility for borrowers, does it mean you should say adios to your lender? Lisa Montgomery from Resi Mortgage Corporation says while there are benefits in refinancing, whether it be to get a better rate, better service or to simply take some of the pressure off if you’re struggling to meet repayments, switching loans without doing your homework could end up costing you more in the long run.” For anybody who’s looking to change their loan, you still need to take note of all the fees to get out of your existing loan, all the fees to get into your new one and ask what value is (switching) going to bring to your overall financial situation,'’ she says.” It’s not just about interest rate.

Certainly interest rate is important, but saving 0.25 of a per cent won’t even matter if you have a lender that’s looking after you and putting strategies in place to help you pay off your loan quickly and save money in other areas beside your mortgage.’ The risk of people getting “churned'’, or encouraged to change lenders even if the loan isn’t appropriate, is another issue to be wary of once the barriers to switching come down.” With any kind of third party offering advice, such as mortgage brokers who are generally not regulated, they do enjoy certain advantages like trailing commissions on any advice or new loans you take out,'’ says Christopher Zinn, a spokesman for consumer lobby group Choice.