Islamic home loans and down payment tips to get you started

When you’ve made the decision to go with Islamic home loans, the next step of course is to put the money together to get a down payment on a home that you’ve been looking at. Islamic mortgage loans are a great way to get a foothold in the North American market but you’ll need this down payment money to start the process off on the right foot and following are a few methods that you can use to get this cash together.

• You can sell off some investments such as mutual funds or bonds. If you have a portfolio of these kinds of investments and can afford to shift some towards a down payment for a house, the move is really just about shifting your investment dollar from one money earning area to another.
• Putting some money away each month in a separate savings account is another safer way to save money for a down payment. Many financial institutions will even let you use an automatic money transfer so the cash is automatically delivered.

It’s important to consider the size of the down payment affects the amount of money that you owe on the house and how large your Islamic mortgage loans payments will be.