Posted by: islamicfinancingnews | June 16, 2013

Some tips for renewing Islamic mortgages

Kita-Disyorkan-Memilih-Islamic-Loan Everyone knows arranging Islamic loans free from Riba is one of the milestones of your financial life. The well-educated consumer is the one that gets the best rates and amortization period and that’s just as true the first time you deal with Islamic finance as it is when you go to renew.

Here’s a few tips that can make the process easier.

  1. Research market conditions. Remember the consumer that understands the complete picture is the one that can negotiate from a position of authority. One of the first steps is to find out what the existing mortgage rates are and where they’re expected to go. Remember here that you are always in a position to negotiate a better deal than the one being offered.
  2. Consider a mortgage broker. These are the folks that have your best interests in mind. It’s important to keep in mind they work for you and not the bigger financial institutions. They are charged with making sure you get the best rates and the most appropriate amortization periods. Best of all, they get paid by the lending institution that gets the mortgage so you don’t need to pay for their services.

When it comes time to renew your Islamic mortgages, you need to understand your options.


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