Posted by: islamicfinancingnews | June 12, 2015

Sharia compliant mortgages and planning for that new house

In all the excitement of getting sharia compliant mortgages and the green light to start looking for a house of your own, you might forget that what you’re really getting involved with is a product that’s actually a very serious set of sharia investments at the same time. That said, you need to be aware that you’re making some choices that will affect your life for many years to come.

That means you should take the time to choose your sharia compliant mortgages and house with the same due diligence. Here’s a few thoughts on making sure you pick the right house.

Look for a place that’s the right size. You used due diligence when selecting sharia compliant mortgages and you need to do the same when looking for a house. Here, it’s best to look forward at least a little and try to foresee where you’ll be in a few years. For example, if you plan on having a family and don’t have any children just yet, it’s good to buy a home with some extra room you’ll need in the future. Remember that works in the other direction too. If your children are planning leaving soon, you’ll need a smaller home and that can be reflected in your sharia compliant mortgages choices.

 

Posted by: islamicfinancingnews | June 12, 2015

Sharia financing and understanding your new finances.

You know by now that getting sharia financing is the right move when you want to stay Sharia compliant and get some North Amercian real estate at the same time. However, these sharia mortgages also require that you understand a new set of financial obligations that come with any property that you buy.

Here’s a few of the new things that you’ll need to know about.

• There are new bills to pay when you get involved with a new home that include property taxes and utilities. You’ll need to set aside the money to ijara 1cover these extra payments as well as the cash for the initial sharia financing.
• Your new home might need repairs and maintenance as well. Even though you’ve just bought the place, you still might need to do some work like a new roof so having a few extra dollars stashed away is a good idea.

Sharia financing is all about getting involved in the real estate market but you still need to remember that there are some traditional obligations that you’ll need to look after as well.

Posted by: islamicfinancingnews | June 12, 2015

Why sharia rules don’t restrict home ownership

Muslims living in the United States and Canada want to have the same chances at homeownership that everyone else does who works hard and wants to get ahead. That’s why doing a little research will show you quickly enough how sharia loans are available to anyone who wants to enter the real estate market.

The major difference in these sharia rules is simply the fact that the money is given to a trust rather than the individual so they don’t pay any form of riba back to the lending institution. The popular misconception is sharia rules actually prevent Muslims from owning any kind of property in North America, but this simply isn’t the case.

In fact, there are actually a growing number of non-Muslims who prefer sharia loans to the more traditional Western variety. It should also be noted mar 24 4that even though these particular mortgages center around sharia rules, there are some intersection points where they meet with the requirements from more traditional Western mortgages like the need for a down payment.

Although there is a misconception out in the marketplace, it becomes clear after you do some research that sharia rules don’t preclude you from owning a house of your own.

Even though people who buy homes with sharia loans might think that market value is a fair way to assess the price of the property, all we need to do is look back at some recent history to find out why that’s not all you need to know.

While accurate appraisals are important, it can be dangerous when the market over values the price of a house because the fundamentals get skewered as they did back in 2008. When the fundamentals go wrong in this way, lenders base the maximum mortgage on the appraised value not the price paid which could be much higher. This leaves people buying homes with sharia loans in the position whereby they need to make up the difference which can be a substantial amount of money.

It’s important to find the right professionals when you’re looking for sharia loans that are compliant with sharia rules and getting references from any appraisal company is a good idea to make sure they are credible.

Buying and selling with sharia loans is a different process in some ways and in others much more compatible with the Western traditional mortgage.

Posted by: islamicfinancingnews | June 4, 2015

Your sharia compliant investment can use a few of these renovation tips

Ask anyone that’s bought a house with a sharia law mortgage and they’ll tell you that the real battle has just begun the day they get the keys to that new home. There are many other things that need to be done to keep the value in your sharia compliant investment up and following are a few tips that can help you with any projects or renovations to increase the equity and value in your house.

• First off you need to know when to cut corners. Although any sharia compliant investment doesn’t follow the same kind of shortcuts, there are some things that you can do when it comes to renovations and painting is always an excellent way to completely change the look of a room without spending a lot of money on a contractor.
• There is also a difference in the kind of projects homeowners should take on by themselves. Most people should be able to paint and maybe even do a little trim work in the house, but the bigger projects that involve any kind of foundational or electrical work should be handled by the professionals in the same way that you turned that work over to experts when you were looking for a sharia compliant investment.

It’s important to draw parallels between the methods you used when you’ve got a sharia compliant investment and are looking at renovations in your home.

Posted by: islamicfinancingnews | June 3, 2015

Some tips for using Islamic finance to pick the right contractors

When you first decided to buy that new home, you wanted to use Islamic finance professionals because you wanted to be sure you were getting experts to work on the finances involved. Only the best ijara loans would do, so you made sure to do some research and find the best suppliers possible. Once you’ve had the keys for a time and want to get involved with some renovations, the same kind of due diligence applied when looking for a contractor.

You needed to be aware there were good and bad companies when you started down the path for ijara finance and you need to be aware there’s a lot of contractors working in the underground economy that can do substandard work. In the province of Ontario in Canada alone, estimates place lost revenues at $15 billion. However , research also indicates that most people hire uncertified contractors in Canada and the United States because they don’t know the criteria for looking for a certified worker. This industry isn’t as clear as the one that governs Islamic finance about such things.

Many localities have a public register where you can check the qualifications of the contractor you’re thinking about hiring. Check out these other important tips on ijara financing.

Posted by: islamicfinancingnews | June 2, 2015

Ijara financing and the value of a mortgage broker

It doesn’t really matter whether you’re looking to buy that first home with an ijara loan or if you’re looking to buy another property, there’s really no reason why ijara financing can’t work well with good mortgage brokers. These are the folks that understand the various mortgage products and rates that are available in today’s market and they are also well versed on the issues and trends that can affect your mortgage over the entire term.

It’s important to remember that this professional’s job doesn’t come to a conclusion after your ijara financing is in place. Depending on the type of ijara loan you have there are rates that can climb over the term of the loan and a good mortgage broker will help you to stay on top of everything that you need to know to get the best from your ijara financing.

Keep in mind these are the professionals that understand everything that you need to know about the intersections of ijara financing and western style mortgages so you should feel free to ask any and all questions you have. Although the rates are an important issue, there are many other areas that are just as critical for ijara financing.

Posted by: islamicfinancingnews | May 6, 2015

Islamic sharia law works with good painting techniques

Although you need to do some homework to find out how Islamic sharia law works, the experts say that painting and learning how to do it well is largely intuitive. You can feel a little strange if you’ve never painted before the first time you hold a brush in your hands, but the following techniques will help you move through any rough spots and have you painting like a pro in no time.
• The rules of painting well make sense just like the Islamic laws that allowed you to purchase a house in the North American real estate market. It’s a good idea to swap hands often when you’re painting. This technique might take a little getting used to at first, but you’ll suffer from less muscle strain when you get used to it and see the benefits just like you do when combining Islamic sharia law and real estate purchases.
• To get an even coat of paint with the paintbrush, it’s best if you use the paint on one side of the brush and apply it in one even stroke in one direction. Painting in an efficient fashion is a lot like using Islamic sharia law because you’re using the techniques developed by the people who came before you to a good end.
When you first buy a house with Islamic sharia law, you might be surprised that although you used a different route to get the keys to the front door, the requirements for keeping your house in good working order are much the same as your neighbor who bought a place with a more traditional loan.

Posted by: islamicfinancingnews | May 5, 2015

Ijara financing and paint spraying tools of the trade

It’s not recommended that you try and do things yourself when it comes to ijara financing and buying a property, but there are a variety of renovations that you can do after you use the money with your ijara loan to get in. If you can identify yourself as a do-it-yourselfer and are looking for some help with some painting projects around the house following are a few different ideas you should consider.

• Handheld airless sprayers are noisy but efficient ways to cover large areas. These are generally good for smaller jobs since they draw the paint from a cup held underneath this sprayer.
• Tanks sprayers are for bigger jobs and like ijara financing may require a little thought and a decision as to whether you want a hand pump or

islamic loans and renovations

battery-powered model.
• An HVLP sprayer is considered an efficient choice where you won’t get any overspray.

You need to use the same kind of deductive reasoning you did when you purchased an ijara financing project to decide which kind of sprayer you want. Take a look at the project at hand and decide on the size. When you look at the kind of finish that best suits the project at hand, you’ll more readily be able to look at the kind of sprayer that suits your needs.

Check out more tips here.

Posted by: islamicfinancingnews | May 4, 2015

Some tips for choosing the best Islamic finance products.

Choosing the right Islamic finance product that suits your needs and budget is about more than just looking at the elements of Islamic sharia law that’s included. Of course you want to look at the product that any company offers in the light of what the scholars think and how they’ve reacted to what’s being presented to them, but these days you’ll also be shopping on the Internet so here are a few tips for finding Islamic finance products online that make a difference.

You should start by looking for a website that has the proper contact information. You’ll need to find more than just an e-mail address, and, in today’s mortgage advicecomplex marketplace where there are a lot of different Islamic finance products to choose from, having a telephone number and even a contact form to fill out is much better.

Finding the right Islamic finance product also means you’ll need to research the offerings that are available online. That means any website needs to have good navigation and easily accessible information. Finding the right kind of ijara loan product is about being able to combine all the different factors under one umbrella.

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