GB Pound hits 14-year dollar high

The pound has hit a 14-year high against the dollar amid speculation that the Bank of England will raise interest rates in the New Year.

By early afternoon trading in Europe, the pound was at $1.9924, after earlier hitting $1.9958, its highest level against the dollar since 1992.

Interest rate rises are now more likely in mid 2007 in Great Britain.

UK interest rates are currently at 5.50%, after another quarter-point rise.

Dollar weakness

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Existing Home Sales Increase Slightly But Median Prices Decline

Reports on the sales of existing homes for October were released on November 28 by the National Association of Realtors. On a slightly optimistic note, sales were up one-half percent to a seasonally adjusted annual rate of 6.24 million units compared to the upwardly revised figure of 6.21 million in September but were off dramatically - 11.5 percent - from the 7.05 million-unit annualized pace in October 2005.

NAR, in a press release, said that this modest gain from September to October was another indicator that the housing market "is transitioning into a more normal market in contrast with unsustainable activity last year."

The Closing Process

After your loan has been approved by the underwriter, it is sent to the closing department. Once again, everything is checked for accuracy and the closing package is forwarded to the approved closing agent.

The closing agent in this transaction represents the lender and will conduct the closing on the lender's behalf The closing agent at this point has run the title search and insured that the property is able to be conveyed by the seller without any encumbrances. The closing agent checks the survey and makes sure that the lender has proper coverage. The borrowers may insure their coverage in regard to survey and other title matters by purchasing an owner's title insurance policy issued by the closing agent.

Items typically requested for the borrower to bring to the closing are a one year's hazard insurance policy and paid receipt, a certified (or cashier's check) for the cash needed for closing, and a report from a certified termite inspector which states that the property is free from infestation.

The closing agent will obtain the necessary signatures on the closing documents and disburse the money.

Details Of Purchase Contract & Property in the US for US residents.
Because the property is security for the loan, the lender will have an appraisal made of the property; and you will need to have the following information available:

1. A complete copy of the sales contract, including any addendums, signed by all parties, showing the full names of the sellers and buyers as they will appear on the new deed, the amount of earnest money deposit and who is responsible for closing costs, origination fees, etc.;
   
2. If the house is to be built, or is still under construction, a set of plans and specifications;
   
3. The complete mailing address of the property, its age, and its full legal description; and
   
4. Name, address, and telephone number of the real estate agent and/or the seller of the property who will assist the appraiser in obtaining access to the property.
5. Tip: Give the Appraiser a checklist and tour of your special home features that add value to the home.