Here’s some solid tips for buying a home with islamic home financingMarch 9, 2014 at 8:17 pm
Practicing Muslims who’ve made the decision to buy a home using Islamic mortgage financing might not understand all the procedures. Here’s a few tips to help you get started.
- Hire a real estate agent. These are the people that understand where all the good deals are in the area you’re most interested in, and a good real estate agent will have the experience to align your budget and wish list with a house. Remember to shop for the agent before the home and ask any prospects for their credentials and licenses.
- Get islamic mortgage financing. After you’ve found the place you’re interested in, you’ll need to look at the financial end of the deal. Getting Islamic loans is similar to going after the more traditional Western variety in several ways. You need to show any lending institution that you don’t pose a serious risk for missing payments by showing them some documentation about your past work and credit habits.
With islamic home financing out of the way, you still need to plan on extra expenses like utilities and property taxes as well as unexpected maintenance issues.