Posted by: islamicfinancingnews | January 14, 2013

Questions for your Islamic finance lender

islam-8 When you are applying for Islamic mortgages to purchase a home or business, there are a few questions you’ll need to ask to make sure you are working with the right lender who can provide you with the best mortgage loan. For example:

  • What is the best way to pre-qualify for a loan? In order to determine the amount of the loan, the lender will consider the information you provide regarding your employment, income and debts. Stability in your current place of employment or in your chosen occupation is beneficial to showing the lender your ability to repay the loan. Willingness to repay the loan is determined by such factors as your credit report, rental payment history if any, and track record for previous financial responsibilities.
  • What documents will you need to provide? Most lenders will require proof of income by way of recent paystubs, copies of tax returns for the past two years and other asset related documentation. You’ll need to produce a copy of your mortgage when applying to replace an existing mortgage. Providing the necessary documentation quickly will help speed up the approval process.
  • What about closing costs? Mortgages come with charges for various services like legal fees, appraisal fees and other administration fees. You’ll want to get an estimate of these costs so you can put aside adequate funds to cover this expense.

Your lender is trained to answer your questions when it comes to choosing the best Islamic finance program to meet your needs.

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