Commercial Refinance To sail through safely in life, you should know more about Finances

We may price ourselves about being an expert in software or any other technical field, but when it comes to finances and other matters relating to personal finance, taxation etc we are big zeros.

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Now, let's take a look at some useful guidelines.

All of us take home loans and pay up mortgages for the next twenty years. But ask yourself, have you done your homework before getting your home loan?

Did you speak with and take quotes from two other banks before deciding on this current one? Did you negotiate with the bank for a reduced rate of interest or just accepted their quote without negotiations?

The banks look into various parameters and factors like the tenure of the loan, your fixed deposits and savings account with the bank if any, your credit rating etc before fixing interest rate. When the loan amounts are so huge and the tenure so long, a slight reduction in interest rate by few decimals can make huge difference.

It is quite true that most of us do not bother to read through the loan papers and its fine print. You should be checking to see if bank is allowing you to pre pay the principle outstanding without charging a fee. More importantly one should always check with the bank on the loan modification terms and policies applicable on the home loans.

Your income will not be the same all through the years. You might want to accumulate the extra income earned out of change of job, incentives, commission or bonus to pre pay part of the loan outstanding. It might suit your purpose to be paying up most of the principle amount outstanding against your loan and go in for restructuring of the balance tenure as well as monthly repayments.

In worst case scenario, like the recent economic downturn coupled with the real estate bust, you can end up having financial difficulties for some time due to which you might not be able to pay your monthly installments.

In current times such turmoil seem to be the order of the day.

If people are unable to pay the monthly mortgage, they run the risk of standing to loose their shelter to foreclosure by the bank. It is not as if everybody ends up loosing their homes when they are not able to pay up.

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The banks have other options of loan modification and restructuring other than foreclose which they will consider on case to case basis. This is the reason why everybody should know about financial planning.

If you are not aware that there is possible recourse to your home loan problem, it is quite likely that you will invite terrible problems on yourself without looking at solution of how to come out of your crises. On the other hand, knowledge about banking and loan rules will help you get over the difficult times and not derail your life.

Many people must have lost their homes similarly in this current crises due to their ignorance. The government has come in to the rescue of the people with Loan Modification Program to help people save their homes and restructure the loans with a temporary loan holiday for the present period.

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