Posted by: islamicfinancingnews | February 15, 2014

Some islamic mortgage loans questions answered

You can get a fresh start to the New Year even though the winter is drawing to a close when it comes to staying on top of your islamic mortgage loans. Here’s a few common questions people ask and the answers that will keep you on track.

What’s the definition of a preapproved mortgage?

Whether you’re considering islamic home financing or a conventional Western mortgage, the definition is the same. These guarantee a specific interest mortgage advicerate from a lender for a period of time. Consider the fact most real estate professionals will want you to have a preapproved mortgage before they start working with you.

What are the other costs on top of ijara loans?

After you’ve bought your first or second home, you’ll find there are other costs involved beyond paying off the mortgage. Utilities and maintenance are just some of these other expenses. Property tax can be expensive depending on the area you’ve decided on, but the monthly amount you pay is a tax deduction if you run a home business.

How can I pay off those islamic mortgage loans quicker?

Depending on the lender you choose, there are generally several options for paying off your loans quicker built into the package. Increasing your payment schedule and making principal payments that go straight to what you owe are just two options.

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