Posted by: islamicfinancingnews | July 20, 2012

Islamic finance can help when you are considering downsizing your home

For homeowners thinking about selling their current home to take advantage of low interest rates, the idea of moving to a smaller home or condominium can offer many financial benefits and choosing the right Islamic finance options can help make this decision easier.

First of all, a smaller residence can reduce the amount of your monthly mortgage payment. Some people might even be in a financial position where the sale proceeds from their current home can be used to fund their next home purchase in cash, or allow for a much smaller mortgage. In addition to saving on mortgage payments, a municipal assessment on a smaller home could mean significant savings each year on the amount you pay in property tax. Finally, a smaller living environment means fewer rooms to cool in the summer and heat in the winter, reducing utility costs and saving you even more money.

Downsizing offers homeowners other advantages besides the obvious financial gains. Less time spent on the maintenance, renovation or landscaping responsibilities that a larger home requires means more time for you to enjoy the freedom a smaller living space offers, including spending more time with family and friends.

Moving from one home to another is a big step that requires careful consideration and planning. Talk to your lender about the different Islamic mortgages that are available at the best rates and terms to suit you.

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