Islamic loans usa have several preapproval requirementsFebruary 15, 2014 at 5:02 pm
Not everyone realizes that getting islamic loans usa means starting the process off with a preapproval. Some customers think sharia compliant loans are exempt from the same rules as their Western counterparts, but in most cases that’s not true.
The lenders that give you islamic home loans want to be sure you don’t present any undue risk for repayment. A big part of that process has to do with your credit score. This is basically a map of how well you’ve handled the credit you’ve already been given.
There’s more. If you’ve had a bump in your credit history or some troubles in the past, you can fix these problems by paying bills on time and, where applicable, getting a credit card with a small limit so you can put yourself back in the lender’s good books as far as credit goes.
Getting preapproved for your mortgage is an important step and one of the first things many real estate agents will ask you about before they decide to work with you. Islamic home loans are the best way to stay sharia compliant, but some of the requirements crossover into more traditional Western models.