Posted by: islamicfinancingnews | May 11, 2012

Islamic mortgages can help with home selection

When you’re ready to apply for Islamic finance that includes the Islamic mortgages you need to buy your first home, some common sense rules should apply to the home selection process.

Of course, an adequate down payment and obtaining pre-approval are important first steps in figuring out just how much you can afford to spend. Before you start looking at properties for sale, it’s wise to make a list of items you can compromise on and those you can’t. For example, the number of bedrooms and bathrooms you require may be non-negotiable particularly if your future plans include a growing family, while a finished recreation room or double garage could be extra features you don’t really need. Remember, it’s better to start out with a smaller home that you can afford than a larger, more expensive residence that overextends your monthly budget. These important details will help limit your search to properties that suit your specific needs, saving you time and money in the long run.

Finding the right property is just the beginning. Obtaining the proper Islamic finance that includes the right Islamic mortgages will help give you the confidence to deal with all the aspects of home ownership.


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