Posted by: islamicfinancingnews | February 5, 2014

Important considerations before you sign up for Islamic mortgages

Of course it’s only right to get excited about buying your first home with Islamic mortgages, but you need to take a step back and make sure you’re ready for what will be the biggest investment of a lifetime. Here’s a few quick questions that need to be considered so you can be assured of making the right decision.

  • Can you afford the added expenses that come with Islamic loans? A new mortgage payment may not be higher than the rent you’re paying now, but it’s important to look at the big picture before you sign on the dotted line. Along with the utilities and property taxes, there might be pools and home for saleyards that need to be maintained. These expenses all need to be factored in for a new monthly payment.
  • Are there issues with the house that need to be addressed right away? A new floor in the living room is something you can put on a wish list for those times when you have more money, but a leaking roof needs to be fixed right away. See what falls into that immediate need category and budget accordingly.

It’s critical to look at getting Islamic loans from every angle beforehand so you can adjust your finances.


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