A simple checklist to decide if you’re ready to by a houseOctober 10, 2014 at 10:18 pm
Islamic home loans will always be at the ready if you qualify, but in the end you’ll need to decide upon your own readiness for one of these Islamic mortgage loans by taking a close look at where you are in relation to your finances and awareness of the new responsibilities homeownership brings. You need to be aware of the fact that the mortgage payment doesn’t replace everything that rent paid for. In fact once you own a house you need to make additional utility and property tax payments on top of the mortgage. Owning a home also means that you’ll need to be on top of the maintenance to protect your investment and make sure your equity doesn’t slide with neglect to things like roofs that leak or older windows that need replacing. it’s a good idea to take an honest look at your employment situation as well to make sure that you’ve been with the firm long enough to ride out any layoffs or work slowdowns. Keep in mind that while Islamic mortgage loans will be there to help you stay away from riba, making those monthly payments is still a responsibility that you can’t shirk away from.