Posted by: islamicfinancingnews | October 16, 2012

Pre-approval is part of the Islamic finance process

When you are considering Islamic mortgages to get involved in the real estate market, it is necessary to obtain pre-approval from the lender. Along with making sure that you steer clear of Riba, getting this pre-approval is a necessary part of the equation.

There is some information that you’ll need to present to the financial institution you’re looking at and first and foremost is a record of employment. It stands to reason the bank will want to know how long you’ve been working at the same place as well as a bit about your current salary.

You’ll also need to bring along some financial statements that will prove, among other things, that you’ve got the money necessary for a down payment. Make sure to provide reports on the other financial accounts you currently have including credit cards, car payments and any other debts.

There are a few things you need to ask as well such as if you will automatically qualify for lower rates if they go down during the pre-approval period and how long the pre-approval period will last. Remember, there’s nothing to stop you from shopping around when you’re looking for one of these pre-approvals that tie together with the Islamic finance you need.

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