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

Just like everybody, we too take home loans and pay mortgages for the next twenty odd years.But come to think of it, how much of homework do you do before availing a housing loan from a particular bank?

Did you negotiate with two or three banks before choosing one? It is quite likely that you have just accepted the rate of interest quoted by your banker without any 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 Jonathan Allen Shirt , your credit rating etc before fixing interest rate. Even if you are able to negotiate for a reduction of few points, the savings can be considerable amount taking into account the tenure of the loan and the principle amount.

Most of us do not read other terms and conditions. It is always useful to check if the bank is permitting pre payment of principle any time without a fee. More importantly one should always check with the bank on the loan modification terms and policies applicable on the home loans.

Nobody income remains constant all the time. 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 be to your advantage to pre pay most of the principle outstanding in your loan account and modify or restructure the rest of the tenure as well as monthly installments.

It can happen to anyone that a financial crises or recession or real estate market crash like the recent one can prevent one from paying monthly installments.

Especially in modern times such turmoil in the economic conditions are going to be the order of the day.

There are many people who loose their shelter and roof over their heads to the banks for non payment of monthly mortgage. It is not as if everybody ends up loosing their homes when they are not able to pay up.

Banks have other options to rework on such home loans and restructure or modify them depending upon each case. This is the reason why everybody should know about financial planning.

Lack of knowledge or awareness can lead you to giving up and getting into bigger trouble than trying to get out of situation with some solution. Those who are aware of the financial instruments and banking process will be able to find solutions that work and get on with life with much lesser problems.

Many people must have lost their homes similarly in this current crises due to their ignorance. They are not aware that the Federal Government has put forward Obama Loan Modification Program to help those who in crises and are unable to pay up their loans with loan modification and temporary loan holiday.

To uncover further tips or to book a free consultation just click here: Commercial Refinance Mortgage

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