Posted by: islamicfinancingnews | June 5, 2013

Finding the right home with Islamic mortgages

islam-31 Islamic mortgages are an excellent financial tool, whether you are buying your first home, or plan to upgrade or downsize to your next home. A new study reveals that most Canadian Baby Boomers who are growing older and nearing retirement do not intend to downsize. This puts to rest the notion that as this wealthy generation ages, there will be an abundant supply of traditional single-family homes left on the market.

Many Canadian Boomers already live in large homes in the suburbs with more than one garage for their cars and possessions. As condominium living becomes more popular in regions across the country, the study results indicate 64.5 per cent of Boomers are interested in owning a single-family home rather than downsizing to a condo in the downtown core.

There could be two reasons to support the findings from the report. One is that older people become more attached to their homes and are reluctant to move. The second explanation is that Boomers have chosen to stay put to accommodate adult children who are living at home longer to finish their education, find a job, and/or save for a down payment of their own.

Whether you are a first time home buyer or a seasoned homeowner looking for a different type of home, Islamic loans free from Riba can help you achieve your goal.

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