Looking for a Halal Mortgage? Here’s How to Calculate the Payments

 We are the Ijara Community Development Corporation (IjaraCDC.) Our mission is to help structure funds to use on a halal mortgage. You can use the money for a business too.

Making sure you have good information to make the right decisions is important to us. That’s why we’ve put together a page on what you need to know about calculating a payment on a halal mortgage. Here’s a quick link to a simple calculator you can use.

Getting Ready to Apply

Before you get a Halal mortgage, you’ll need to fill out an application. This is the first step that comes well before calculating payments.

Generally, there are three areas that you will need to look at. Your credit is an important part. If you’ve got a damaged credit score, you can rebuild it by paying a little more than the minimum on what you owe. Here’s some tips on the things you’ll need to avoid before you apply for credit.

Having a down payment is also a requirement. The general rule is don’t make any large deposits before you apply for Halal funds.

Do You Have Sufficient Halal Funds?

It is also important to make sure that you have sufficient income to afford a sharia compliant mortgage. By following the link above, you can read about the DTI calculation involved.

Here are some other things you need to know about halal funds.

• IjaraCDC has partnerships with outstanding investors. Using us means that you’ll be able to access rates and fees that are competitive and affordable.
• We have a team of experienced professionals that are always willing to provide guidance and advice. When you use these experts, you’ll always get transparent answers.
• These professionals are always available. If you have questions about a halal mortgages, we can help you with the best market rates and information.

IjaraCDC is happy to supply products structured for Muslims and non-Muslims alike. One of our most popular options is a sharia compliant conversion service. If you’ve got an existing mortgage that charges interest, this is an excellent way to make it sharia compliant.

Working with us on a conversion means you don’t need to go through the hassle of refinancing. There’s no income documentation, appraisal or credit check needed. If you’re looking for Islamic house financing that’s sharia compliant, this entire process takes up to 14 days.

Converting to a Halal Mortgage

Clients can use our process to replace their existing mortgages and make them sharia compliant. Converting a mortgage is different than refinancing. Clients should understand the title transfers to a trust who owns the home. In this way, riba is avoided.

We supply some other features that separate us from the competition if you’re looking for Islamic house financing products. Many clients ask us about sharia compliance and whether our company has a valid fatwa. The answer is yes and we are happy to supply biodata and other information on the scholars that have issued this document to us.