Posted by: islamicfinancingnews | October 15, 2014

Islamic home financing and getting the right documentation together

Getting all the necessary documentation together is an important part of the Islamic home financing experience. Although there are some big differences between islamic mortgage financing products and more traditional western style loans, there are some similarities and having all the paperwork together applies to both.

• You need to have a decent work history to get either type of loan. Your work history should show that you’ve been responsible with the jobs that you’ve had over a number of years.
• Lenders will also want to know where you’ve lived over a period of time. It’s really all about showing that you’re a responsible member of society that doesn’t present a large threat for home for salenonpayment of the loan.

You need to be sure you’re credit rating is in good order as well. It’s harder to get islamic home financing with a terrible credit score but there are quite a few things you can do to repair one so that you’ll be in good standing. You can start turning things around by paying bills on time.

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