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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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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.

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.

Oregon Veterans can now get home loans below 5 percent. The Oregon Department of Veterans’ Affairs offers qualified veterans loans with fixed rate of 4.875 percent and an origination fee of 1.5 percent. A rate of 4.99 percent is available with an origination fee of 1 percent. The current maximum loan amount for veterans using the ORVETS home loan program is $417,000. Federal rules prohibit the agency from refinancing most existing mortgages.

The ORVET home loan program is separate from the federal VA home loan guaranty program. Even if a veteran has purchased a home using the federal program, he or she may still be eligible for an ORVET home loan. Veterans must apply before they reach the 30th anniversary of their military discharge date.

When asked why congressional leaders agreed to raise the limit on conforming loans — which carry lower interest rates and are backed by government-sponsored companies, Fannie Mae and Freddie Mac — one real estate expert answered, “panic.” “California leads the nation in recovery,” continued Jeff Barnett, regional manager for Alain Pinel Realtors in Los Gatos, and a director for both the National Association of Realtors and the California Association of Realtors.

“If you get good housing news out of California, it’s a stimulus for the country.” Here are some questions and answers about the proposed change. The economic stimulus package introduced Jan. 24 included a provision long sought by California housing leaders that would benefit homebuyers and homeowners across the state, but especially in the Bay Area, where residents must contend with some of the highest prices in the country.

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.