Posted by: islamicfinancingnews | March 13, 2014

Islamic home financing and how to become mortgage free faster

 Whether you’ve got a more traditional western style mortgage loan or something along the lines of islamic mortgage financing, the best case scenario for everyone is to pay the loan off as quick as you can. Here’s a few techniques that can help you become mortgage free quicker.

  • If you apply a lump sum payment to your principal, you can knock the amount you owe down immediately. A tax refund or an inheritance can be home for saleput toward this end and knock down the outstanding amount incrementally.
  • Pay more often. Many people pay their mortgages once a month but increasing the frequency to every two weeks will save money on the interest.
  • Increasing the size of your monthly mortgage payments will make the numbers go down quicker.  Make sure the lender knows that you want the money applied to the principal. Take stock of what you can afford here. Even a little extra can make a big difference to the amount that you already owe.

Getting creative with islamic home financing can help you to get to the end goal of being mortgage free faster.

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