Posted by: islamicfinancingnews | August 7, 2013

Islamic loans and things to consider when buying a home

islam21 There’s no doubt, low mortgage rates are attracting many people to enter the real estate market and first-time home buyers can benefit from lenders with experience in Islamic mortgages free from Riba. Newcomers to the market should also take advantage of advice from more seasoned homeowners when it comes to purchasing a home.

For example, on the wish list for many new home buyers is finding a good home located near shopping, work and schools they can simply move into without having to fix any problems. An experienced homeowner understands those expectations may be a little unrealistic and there are many cosmetic changes that don’t require a lot of time or expense. Knowing you can replace a carpet, repaint an unattractive wall color, or remove scratches from a hardwood floor with relative ease will allow you to see the value in an otherwise solid house in a good location.

Over and above the down payment required to purchase a home, potential buyers should not rely solely on comparing monthly rental payments which inevitably increase to monthly mortgage payments. In addition to the regular mortgage amount, new buyers need to budget for extra expenses such as property taxes and utilities, as well as the maintenance costs involved in home ownership. Here, borrowing less than your pre-approved amount will allow you some wiggle room when it comes to dealing with these extra expenses.

An experienced lender can offer some good advice to help you select the right Sharia compliant Islamic loans to suit your budget and lifestyle.

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