Trying to decide whether to rent or own? Here are the advantages of owning
Spending within your limits on any commercial or residential property is important. That’s why credible Islamic loan organizations will help you to calculate these boundaries effectively. These reputable companies want to make sure they help you live within your means and supply a checklist to help you do just that.
Putting together these numbers is easier than you might think. Take the sum of all the payments you make each month. Don’t forget to include your mortgage and credit cards. The next part is simply calculating the percentage of your total household income that equals. This will give you a starting point to use as you go forward with Islamic finance. It’s a number called the debt to income ratio.
Buy Rather Than Rent
There are still quite a few people who need to be motivated to buy rather than rent. That’s completely understandable. There are quite a few responsibilities that come with homeownership. If you’re feeling a little overwhelmed by it all, we’ve put together some excellent reason to get an Islamic loan and the keys to your new home.
The economy is at the top of the list. If you haven’t already taken the plunge, one look at the housing market as it is today should convince you. America’s economy is rebounding. On the other side of that coin, the turmoil that’s been going on with the housing markets and world credit is making real estate a cheap investment.
It’s also important to keep in mind that interest rates are at historic lows. This is the perfect time to work together with your Islamic finance team to move you into your own home.
Keep in mind that funneling money into any kind of real estate is a great investment in your family’s financial future. It puts each member of your family in a position where one day they’ll be able to enjoy a healthy inheritance. When you rent, you’re leaving yourself to the mercy of increases. On the other side of that coin, when you pay your home off you only need to keep up with the maintenance, utilities, and property tax.
If you’re looking for outstanding Islamic finance help because you decided to get into your own home, you’ve stopped at the right website. IjaraCDC.com provides all of the products that are Sharia compliant and free from Riba.
What Sets IjaraCDC Ahead of the Competition?
- We have excellent investors offering fees and rates that are competitive.
- Our online application is user-friendly.
- We provide professional advice and guidance from experienced experts.
- We offer straightforward transparent answers.
- We are easy to get in touch with. Our team of professional advisers is waiting to talk to you, provide information and the best market rates for the Islamic structured mortgage that will get you into a home.
7 Great Reasons to Buy a Home
- A break on your taxes. The American Tax Code allows deductions on interest paid on your mortgage, property taxes, and certain other expenses when you buy a home. If you get an IjaraTM transaction, there are other deductions as well.
- American home prices have gone up about 5.4% every year between 1998 and 2002. Of course, appreciation is never guaranteed, but a National Association of Realtors study reports most homeowners to have $50,000 of unrealized gains in their homes.
- Ijara™ rent to own payments help you to build equity without Riba. Paying rent doesn’t have a return.
- Equity is savings. Not only that. Singles get $250,000 in gains when they sell and there’s no federal income tax. That number doubles for married couples.
- Ijara™ payments don’t spike like rent as the years go on. The cost of ownership can decline as time progresses, even if property taxes and insurance costs go up.
- You own the property and can decorate it as you want.
- Living in the same neighborhood for years gives you stability. Your family can participate in community events. You can forge lasting friendships, and your children enjoy educational continuity.
Is Refinancing an Option for You?
There are many different reasons why a homeowner would consider refinancing. They might want to have a lower monthly payment. Other reasons include taking advantage of a lower rate or changing the mortgage and going from a fixed to a variable rate.
There are those people who decide to use the equity they have and cash out of the mortgage entirely. Other people refinance to make their loan term shorter so the equity builds more quickly.
If you get in touch with us, we can help you decide if it’s the right time to consider this option. It’s possible to lower the payments you make monthly or reduce the amount of time it will take to pay your loan off. You can use the money you get from a refinance to pay off credit card or other types of debt. Keep in mind that the interest from your mortgage is quite often completely tax-deductible. Consumer debt interest, on the other hand, is not.