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Mortgage Refinancing Help
: Business
: Electronics and Electrical (8,353)
 It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch.
 See also:
 Cooper Industries »
Manufacturer of electrical products that distribute and control electricity, provide circuit protection, illuminate facilities, support electronic and telecommunications components and offer fire and security detection.
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 Robertshaw Industrial Products »
A global electronics and engineering company that designs solutions to meet total automation management and control requirements.
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 Asiaups Electric »
Manufactures and exporters of power supply such as explosion proof light and floodlight and electronics such as voltage stabilizer and regulator, power inverter, and isolation transformers. China.
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 Tyco Electronics Corporation »
Design and manufacture of relays, circuit breakers, fiber optic components, and wireless products. Includes specifications, distributor details, and customer support center.
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 Directed Energy Inc. »
Manufactures range of high speed, pulsed power instruments and components. Applications include mass spectroscopy, pulsed component characterization, and semiconductor, dielectric, insulation, and laser diode testing.
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 Pioneer Corporation »
Manufactures consumer and commercial electronics, and also produces audiovisual software. [Japanese and English]
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 Agilent Technologies »
Designs, manufactures and markets test, measurement and monitoring instruments, systems and solutions and semi-conductor and optical components. Includes an investor relations page. (NYSE: A)
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 Envoys Electronics Pvt Ltd. »
India based manufacturers of road traffic signals, plant machinery for TV and picture tubes, fire detection systems, and other industrial systems. Product descriptions and list of clients.
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 TDK Corporation »
Manufactures electronic materials and components including ferrite magnets, transformer and inductor cores, and multilayer chip capacitors. Features products, research and development, corporate and financial data. Site available in Japanese in English. (NYSE: TDK)
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 ABB Group »
Manufacturer of automation and process control systems, electronic components, instrumentation and measurement devices, and power substation and oil and gas equipment. Product and service descriptions, white papers, and company background.
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 3M Electronics Division »
Manufactures materials and components for PCB manufacturing and assembly, semiconductor manufacturing and electronics products. Online product search, selection and specifications.
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 Selco, Inc »
USA. Engineering company, dedicated to product development and pilot production plants for the electronics and high-tech industry.
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 Aplab Limited »
Manufacturers of electronic instruments, power supplies, oscilloscopes, ups, bank automation, atms, industrial products, test and measuring instruments, payphone and pos-t.
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 All Shore Industries »
Designer and manufacturer of electronic parts and assemblies. Specializes in LCD panels, AC adapters and chargers, and contract manufacturing. Staten Island, NY, USA.
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 ERA Electronic A.S. »
Designs and manufactures electronic automotive and OEM modules for household electric appliances. Online catalogues and data sheets available for download.
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 Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now.
Many companies in this industry will do what ever they can to get away with charging you as much as they possibly can. Some of the ways they do this is not disclosing all the third party fees involved in a loan such as title insurance, appraisals, pre-paid tax and insurance escrows etc. It is important that you ask the loan officer you're speaking with about third party fees. If you don't they may not tell you and give you a good faith estimate that sounds fair, but at closing you'll find out that you have to pay a couple of thousand dollars more in fees you were unaware of. A good loan officer at a reputable company should have no problem disclosing all fees that pertain to your loan and should also make sure you understand what the fees are for.
Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.
Don't escrow taxes and insurance. Unless you're undisciplined, avoid putting monies in escrow to cover your property taxes and homeowner's insurance. There's usually a fee for this privilege that runs under 1 percent of the loan amount, in states where it's allowed. "Paying the fee will allow you to time your tax and insurance payments to your benefit," says Bank South's Steve Austin. For instance, you may be able to prepay taxes that are due next year and use those payments to reduce your current tax bill. Moreover, you get to hang onto your money longer. That may be an advantage when interest-bearing accounts start paying more.
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