Getting an ijara mortgage? Here’s what you need to know to qualifyOctober 5, 2015 at 11:51 am
Getting an ijara mortgage is really a simple process but you need to play by the rules.
Whether you’re looking for an ijara mortgage or a more traditional mortgage, there are a few prerequisites and understanding these will get you the keys to the house you’ve always dreamed of.
- A down payment. There’s no way around having some money for this, even when you plan on getting an ijara mortgage rather than the more western variety. There are several different ways that you can save for one of these including cashing in on other investments or even life insurance policies, but the best way is to simply save the money by cutting back on entertainment and other luxuries you’ll need to give up when you buy a home anyway.
- A good credit rating. You won’t get an ijara mortgage without having this in order either. A good credit rating is often about good and responsible spending habits.
However, you can repair a credit rating that isn’t of the best quality with a little hard work and due diligence.