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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.

The 30-year fixed-rate mortgage may still be the most common home loan in the country, but 40-year loans are picking up speed, accounting for 5 percent of all new mortgages in the United States, and 50-year loans are not far behind. But are they the most economical options for homeowners? While extending the period of the loan would seem to benefit the borrower, Dr. Harold Hunt of the Real Estate Center at Texas A&M University said that is not necessarily the case.” The 40-year and 50-year loans have provided minimal affordability relief to homeowners in markets outside Texas,” Hunt said. “A significant number of these borrowers have originated interest-only loans or ‘exotic’ loans that can actually increase loan balances. These loans offer little advantage to Texas borrowers and should be viewed with skepticism by anyone intending to keep a mortgage ten years or less.” Known as “hybrid ARM” loans, 40- and 50-year loans begin as fixed-rate mortgages but are converted to an annual adjustable-rate mortgage (ARM) after a specified term. For most 50-year loans, that happens five or ten years after the loan is made.

In theory, this increase is intended to compensate for the lender’s money being tied up for a longer time, assuming the loan matures. In reality, the mortgage is usually refinanced or paid off when the home is sold, well before the loan matures. Although the amount of interest paid over ten years or less is not appreciably different, the difference can add up with 40- and 50-year loans, making them substantially less effective than a 30-year loan at reducing an outstanding balance. On top of that, Hunt said they do little to lower monthly mortgage payments.” For a $100,000 loan, the largest reduction in monthly payments would be about $33,”

A few thousand CBA brokers armed with laptops would be able to capture home loan applications offline and transfer the data for approval when online within 20 seconds, CBA solutions architect Andrew Clark said. “The amount of paperwork this will save is huge,” Mr Clark said. At the moment, gathering information for such loans is a largely manual task.

The bank has been trialing technology - called Adobe Air - for nearly eight months, he said. CBA chose the Air platform as it works across multiple operating systems. Air was also selected to reduce reliability on proprietary systems from Microsoft and others. Our brokers could have an Excel sheet to capture home loans for sure but that means we would be locked in to Microsoft,” Mr Clark said. He hopes to officially start using the application next quarter, he said yesterday after the launch of Air in Sydney. Adobe Air enables the development of rich internet applications to make web applications mimic desktop applications.

Coventry Building Society has scooped the top awards at the Moneyfacts financial awards. The awards, which are given in recognition to providers who offer good value for money to consumers, are handed out annually to the industry’s leading providers of mortgages, current accounts, credit cards, savings accounts, loans and ISAs. Coventry was nominated in four of the nine mortgage categories, picking up best capped-rate mortgage provider and best 100-percent mortgage provider.

It came runner-up in the variable rate and flexible mortgage categories. “The Coventry flexible mortgages are good products and they have a wide range so they do score well,” said Ray Boulger, the senior technical manager for independent mortgage brokers John Charcol. The night saw building societies win seven of the nine mortgage awards, something Mr Boulger did not find surprising. “There are something like 63 building societies but only a dozen serious players in the banking market so even though banks are bigger the building societies can differentiate themselves more,” he said.

House buyers in the UK are paying £140 million in unnecessary higher lending charges, according to research by Nationwide Building Society. Purchasers who borrow more than 90 per cent of the value of their property are typically hit by a higher lending charge - formerly know as a mortgage indemnity guarantee. The charge is designed to cover the lender in case the borrower defaults on their loan.

But Nationwide says the affect of a higher lending charge is to penalize the very people who are already struggling to raise a deposit and meet legal and other costs involved in moving such as stamp duty. The building society estimates that around 50,000 first time buyers were affected by higher lending charges in 2004, in addition to another 44,000 existing homeowners. Nationwide executive director, Stuart Bernau said: “Borrowers need to beware of higher lending charges and should ask if such a charge would apply to them. Some lenders are penalizing the very borrowers who can least afford it.

British mortgage holders expect some form of reward for remaining with their provider, a new study suggests. Research conducted on behalf of Britannia Building Society revealed that 65 per cent of British homeowners expect to be rewarded by their mortgage provider for their loyalty. The poll found that, if a borrower does not feel valued by a lender, they are far more likely to switch provider.

Britannia advises mortgage holders to ensure they receive the rewards they deserve and change provider if they are not being treated well. The building society suggests that borrowers should ensure that any special offers and new deals are available to them as existing customers, as well as for new customers, and ensure their rate is competitive and flexible. Mortgage holders should also check what other benefits they get from their mortgage company, ensure their interest is calculated on a daily basis and shop around for buildings insurance, Britannia says.“Moving mortgages is a growing trend, as it becomes easier to do and is more widely promoted,” Tim Franklin from Britannia explained.

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.

The overwhelming majority of borrowers who were seriously delinquent on their home loans in October were not receiving help to prevent the possibility of foreclosure, according to a report published Thursday. Seven out of 10 seriously delinquent borrowers were not exploring ways to prevent foreclosure in October and the lack of interaction between mortgage servicers and homeowners was a major problem, according to the State Foreclosure Prevention Working Group.

A borrower is considered to be seriously delinquent if they are 60 days or more late on their mortgage payment.” A huge amount of borrowers are not getting in contact with their services,” Iowa Attorney General Tom Miller said on telephone press briefing hosted by the Conference of State Bank Supervisors on behalf of the State Foreclosure Prevention Working Group. “Servicers cannot do a modification without the contact and that is obviously a huge challenge,” he said.

Miller organized the working group last year, joining state attorneys general and regulators to work with subprime mortgage loan servicers to reduce foreclosures by encouraging loan modifications and other long-term solutions. However, for those delinquent homeowners in contact with servicers, 45 percent were working toward modifying their home loan. Servicers are increasing their use of longer-term changes to mortgage loans and moving away from their earlier reliance on short-term repayment or forbearance agreements, the report said.