Commercial Refinance Knowledge of Finances can save your home

Commercial Mortgage Refinance

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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Just like everybody, we too take home loans and pay mortgages for the next twenty odd years. Did you do your homework before availing your bank loan?

Did you negotiate with two or three banks before choosing one? Did you negotiate with the bank for a reduced rate of interest or just accepted their quote without negotiations?

Interest rates can vary depending upon very many factors, including the loan amount, the tenure as well as other factors like availability of guarantors to the loan and your deposits or savings with the bank if any. 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. You should always check out on the terms and conditions imposed on loan modifications and restructuring if applicable to your loan.

Nobody’s income remains constant all the time. It is quite likely that you will receive extra income in the form of commissions, incentives or bonus which can be used to make prepayment of principle of your home loan. 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.

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One can never say when these economic crises situations will strike and such upheaval seems to be the order of the day today.

If people are unable to pay the monthly mortgage, they run the risk of standing to loose their shelter to foreclosure by the bank. Every body who is not able to pay up monthly mortgage need not end up loosing their homes.

Banks have other options to rework on such home loans and restructure or modify them depending upon each case. Hence knowledge of financial planning becomes important.

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.

It is quite possible that people have lost their homes in the current crises due to lack of knowledge of options available to them. 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.

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