Posted by: islamicfinancingnews | March 26, 2014

Islamic home loans and some tips to think about

It doesn’t matter whether you’re buying a first home using Islamic mortgage loans or even a second property, you need to think the process through carefully so you can make a clear decision about whether you’re making the right choice.

Think about The Future

Even when you get preapproved for islamic home loans, there’s really no point in buying a home if you can’t commit to staying in it for at least a few years to watch your equity grow. It’s important to keep in mind there are costs to buying and selling a home and even if you buy in a good market and decide to move quickly , you could wind up losing money.

Think About Your Credit

There’s no way around having a clean credit history because you’ll more than likely need a mortgage to buy a house. For a few months before you start the house hunting process, it’s a great idea to get a few copies of your credit report and start fixing any of the issues you find by paying bills on time and taking other necessary measures.

Finally, you should take the money that you get with islamic home loans and use one of the many calculators you can find online to decide what you can afford.

 


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