Posted by: islamicfinancingnews | February 1, 2014

Helpful tips to qualify for Islamic mortgages

Professionals in the business will tell you having a good credit score is important for getting either Islamic loans or more conventional mortgages.  Here’s a few solid tips for placing yourself in a good position to get accepted.

Don’t stall

Putting off getting started will leave you behind in the long run. Getting a copy of your credit report well in advance of filing your application will ensure you have the same information as the lender. That way, you’ll see any potential problem areas and if you need to start paying those bills on time to home for saleturn things around, an early look at the report will alert you to those hot spots.

Pick a Partner

If one partner has a better credit history than the other, it might be a better idea for the application to have just the one name. If neither of you has any credit history to speak of, you can start putting one together slowly by getting someone to co-sign a loan, or by getting a credit card with a reasonable limit attached to it.

Finally, if you’ve got a bad credit history that’s affecting your application for Islamic finance, it’s never too late to change the habits that got you in trouble by making special efforts reduce the credit you use.

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