A few tips on paying off your ijara loans fasterApril 28, 2014 at 10:40 am
Whether you’ve decided on a more traditional Western-style mortgage or Islamic loans USA so that you can stay Sharia compliant, the idea is to get to the finish line as quickly as possible and pay off the mortgage as soon as you can. The same techniques apply for either mortgage style when you’re looking to pay down the principal a little faster and cut a few corners.
- Found money is a great way to knock down the amount you owe. This could come in the form of an inheritance or a gift from a relative. It’s a great idea to put this down on your mortgage before you’re tempted to spend it on something else.
- Anniversary Payments. Most of the mortgage products on the market today will allow you to make one lump sum payment that goes directly towards the principal at one particular time of the year.
- Accelerated Payments: Instead of paying the mortgage on a monthly basis you can accelerate the payments to a weekly level which will lower the amortization period considerably.
Getting ready to apply for ijara loans is an important first step and the website of a credible company will tell you what you need to do to get started.