Posted by: islamicfinancingnews | February 11, 2014

Excellent tips for getting islamic home financing when you’re self employed

These days, getting islamic home financing can be hard enough for people with good jobs outside the home. Lending institutions have been tight with their requirements over islamic mortgage financing since the Great Recession and that approach doesn’t seem to be ending anytime soon. The situation is even worse for the self-employed. They are under even greater scrutiny when it comes to getting the money to start a business or buy a residence, but understanding what many lenders will be looking for can help you to prepare if you’ve got a business and need a loan.

Documentation is important and it’s even more critical to have everything you need in order before you approach the approval process. Separating themortgage rates business and personal bank statements is essential and you’ll need to present your business license too. Having several years worth of income tax statements is something you’ll need to have handy as well. Banks and other financial institutions need to see you have a proven track record they can count on.

You’ll also need to prove you can earn a steady income. Having receipts that can show a lender you have a business that’s moving forward makes them feel better about you as a risk whether you’re applying for islamic home financing or a business loan.

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