Posted by: islamicfinancingnews | July 31, 2013

Got problems paying off Islamic mortgages? Here’s a few suggestions

islam4 Getting involved with Islamic mortgages is serious business. Even though one of these Islamic finance products will help you to steer clear from Riba, you need to remember it’s still a big financial commitment that lasts for a number of years. There’s always the possibility that you could wind up falling behind in payments through no fault of your own. When that happens, there’s a few things you need to keep in mind so the situation doesn’t get too far out of control.

First off, you need to remember your mortgage professionals are there to help but the key is to be upfront and honest with them. Experts suggest here that you call your mortgage professional at the first sign of difficulty. Ask them about the programs in place to keep you in good standing and make sure to keep them informed as the situation evolves.

There are several things these professionals can do to help.  In some cases, they can extend the amortization period of the loan so you can get the benefits of lower payments. In other circumstances, they can add any missed payments to the balance and spread the payments out over the mortgage repayment period.

Remember that you need to keep the financial institution informed if you’ve got payment issues regardless of whether you have Islamic mortgages or the more traditional variety.


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