Most of us who are non finance guys tend to be experts in our field of expertise but lack knowledge about financial planning as well as taxation, investment and other related topics.

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Now, let's delve into 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?

How many banks did you approach before choosing this particular bank for your home loan? 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, 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. You should be checking to see if bank is allowing you to pre pay the principle outstanding without charging a fee. One of the most important parts that need to be verified is to do with the conditions on loan modifications and terms applicable to your loan.

Nobody's 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.

Many times people do get into financial crises or like the recent real estate crises and recession, people can get struck badly in financial mess and not be able to make monthly repayments.

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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.

The banks have other options of loan modification and restructuring other than foreclose which they will consider on case to case basis. Hence knowledge of financial planning becomes important.

It is when you do not have adequate knowledge and awareness that you end up in trouble and do not know how to find solution to your financial 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.