Posted by: islamicfinancingnews | April 13, 2013

Look to Islamic loans when buying a home or refinancing

islam41 In reviewing the latest news as it relates to both conventional and Islamic mortgages, a recent survey reports the index of U.S. consumer sentiment fell in April with many people expecting high unemployment rates and lower after-tax income in the coming year to negatively affect long-term economic recovery. However, the survey also noted increased stock and home prices were expected to support spending throughout the year and consumers revealed positive plans for buying both homes and vehicles in the near future.

In fact, the Mortgage Bankers Association (MBA) in the U.S. reports the number of mortgage applications that were filed during the first week of April rose five percent, while the refinance index for the week ending April 5th also experienced a six percent increase over the previous week. The weekly survey issued by the MBA accounts for over three-quarters of residential-mortgage applications in the U.S. The average rate for both 30-year fixed-rate and 15-year fixed rate mortgages recently fell to their lowest levels since the beginning of 2013. Low interest rates are motivating new buyers to enter the housing market and influencing many existing homeowners to refinance their current mortgages.

Having access to the right information will help practicing Muslims make better choices when it comes to Riba free financing options like Islamic loans to help buy a home or replace an existing mortgage.

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