Posted by: islamicfinancingnews | July 26, 2013

Here’s some tips on Islamic mortgages for first time homebuyers

Kita-Disyorkan-Memilih-Islamic-Loan When you’re starting out buying your first property, you’ll need some background information to make the right decisions beyond getting Islamic mortgages. Here’s a few things you can use as a checklist so the process of buying that first home will go as smoothly as possible.

  1. Decide what you can afford. The banks will factor in a number you can use, but it’s not always one that has your best interests in mind. Be aware that you should crunch the data yourself and don’t forget to add in expenses like child care and even utilities and property taxes.
  2. There are closing costs too. Even before you get started paying down your Islamic mortgages, there are other costs you need to set some money aside for. The closing costs on a purchase transaction include title insurance and land transfer tax. Factor in some legal fees as well so you don’t encounter any surprises.
  3. Get pre-approved. Many financial institutions will allow you to get pre-approved so you’ll have a ballpark number to work with. This could mean the difference between your offer and another buyer’s offer since the seller knows you have the money to close the deal.

Perhaps the best tip of all for the practicing Muslim is to make sure you look at proper Islamic loans to stay Sharia compliant.


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