Posted by: islamicfinancingnews | April 20, 2012

An Islamic mortgages overview.

When you are in the process of looking for your first home or upgrading to a newer or larger residence, a common question you may hear from a real estate agent is if you have been pre-approved for the money which includes Islamic mortgages. There is a difference between pre-approval and being pre-qualified. A traditional lender pre-approves a mortgage in writing confirming the buyer has access to a specific amount of financing at a fixed rate for a certain period of time.

In contrast, pre-qualifying a lessee begins the Ijara process. The lender will examine your financial situation by taking into account basic details including your income and debts and determine how much you can afford to pay for a house where Islamic loans are concerned.  This will help you to determine the price range of homes you should be considering, saving you time and allowing you to focus your efforts on affordable properties. In fact, a lessee should be pre-qualified for any type of Ijara program including a short term adjustable lease or a longer term fixed lease. These are some of the options included in Islamic mortgages.    

 


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