Posted by: islamicfinancingnews | November 29, 2013

Two ways to get those Islamic loans faster

Everyone wants to expedite the process when you start on the road to getting Islamic mortgages. Getting the paperwork out of the way means you can get on with the more enjoyable parts of actually picking out a home you want to live in, so here are a few ways to grease the wheels so you can get that mortgage quicker.mortgages #2

  1. Keep a healthy credit score. Getting a low mortgage rate means having a high credit score and maintaining one of these is actually easier than you might think. Pay your bills on time, don’t get in too far over your head and use whatever credit you have wisely. That’s basically the recipe to holding up your end of the bargain when it comes to your credit score.
  2. Put together a big down payment. The more you put down here, the less you’ll need to repay, but there’s more to it than just that simple equation. In some instances, a big enough down payment can save you the extra cash on mortgage insurance.

Finally, keep in mind Islamic finance is a lot like its western counterpart and the similarities start with the importance of this down payment. Bigger is better here.


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