Posted by: islamicfinancingnews | April 6, 2014

Islamic home financing and a few tips for buying a home

There’s a lot to think about before you make the investment in a home and you want to be sure that you’re ready by carefully working through a few questions. Islamic home financing is of course the right product to help you with sharia compliance, but there are a few other financial matters that you want to sort through to make sure that you’re on stable legs before you sign on the dotted line.

For example, if you can’t commit to staying put for a number of years, you might want to reconsider buying a home at all. There are many transaction costs beyond the money that you can put down for Islamic mortgage financing, and before you built up some equity these can cost you out of pocket with items like land transfer home ownershiptaxes and closing costs.

It’s a good idea to make sure that your credit rating is in good shape by shoring it up for a few months before you decide to take the plunge. It only takes a few months to correct any damage you might have done and making sure there are no errors on the report is another best practice.

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