Posted by: islamicfinancingnews | April 5, 2012

Islamic mortgages: Here’s a few pointers that will help you out

Finding the right Islamic mortgages can be difficult if you don’t have the right information to start with. The best Islamic loans need to be thoroughly thought out from every angle. Considering a few of the following tips will help you out.

  • You need to be careful when you’re looking at the amount that you will spend on that mortgage. Generally, experts agree that you shouldn’t spend more than 30% of you combined family income on any mortgage payments. Of course you want to  have a nice place to live, but no one wants to be ‘mortgage poor.’
  • The price of any home is negotiable. There are no fast and hard rules when you’re bantering numbers back and forth and in fact there are counter offers are the way that many people arrive at a common price for the home they want.
  • Even though you wont need to really concern yourself with it directly, it’s good to look for the lowest rate possible when you’re shopping for a loan.

Getting great Islamic mortgages is also about paying down the mortgage as quickly as you can.Remember these Islamic loans although they are free from riba, still represent a significant cash outlay that you’ll need to consider for years to come.

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