More islamic home financing tips for 2014

This year could be one of change for mortgage borrowers including those people who are using Islamic home financing to get money for a house. Because requirements will become tighter as the year progresses, it’s a good idea to read over the following list of tips that can help you with Islamic mortgages or the more traditional variety this year.

Look After Your Credit

When you consider it’s almost impossible to get any kind of money from a lending institution without good credit, it’s a good idea to know the best practices to look after your credit score. Try to make a little more than the bare minimum payments on credit cards for a start. The best rates for mortgages usually go to people with a credit score of 720 or above.

Don’t Spend Too Much

Try to keep the amount of debt you have to pay off below 43% of your income. That will keep your debt-to-income ratio below the standard lenders are looking for.

Taking on islamic mortgage loans is about understanding what will put you in good shape for the upcoming year.