New to North America? Get an Islamic Mortgage and Follow These Steps to Home Ownership.December 27, 2019 at 11:47 am
If you are new to North America, one of the most exciting things you’ll discover is the possibility of home ownership. If you’re a practicing Muslim, that means you can get an Islamic mortgage and steer clear of riba.
Here’s a few other steps that go with the Islamic loan on your path to home ownership.
Build Your Credit and Employment History
Lenders in both the United States and Canada use credit and employment histories to gauge if your application is safe. One of the first steps is making sure that you can prove you have a stable job. It’s a good idea to collect your pay stubs over several years. Another good practice is to ask your boss if they can provide you with a letter of reference about your job.
Building your credit up is just a matter of taking a few steps. For example, one year of utility and rent payments helps you to establish this rating. Credit cards can help you too. It’s important to only spend small amounts on the card and make more than the minimum payments.
How Our Islamic Loan Products Work
When you start looking at the process for ijara mortgage products on our website, you’ll see the phrase Sharia Ijarah-wal-iqtinah Islamic loan. We encourage you to read through the short paragraphs to learn more about it. Basically, the difference between this type of Islamic mortgage product and a conventional loan centers around a Trust.
The Ijarah process includes a promise to purchase and this trust who is obligated to sell you the property at the close of the contract. You can learn more by following this link.
Put Together A Team
Putting together a team of professionals will ensure that you get a good home where you can raise a family. First, it’s a good idea to have a real estate agent on your side. These are the people that understand the trends in the market and the neighborhoods that are best suited to your budget and needs.
Many people find a good accountant too. These are the experts who can walk you through all of your financial responsibilities. Getting the right kind of mortgage loan is another important aspect. For this, you’ll need to find a good mortgage broker who understands the Islamic mortgage market.
Make sure that you have the contact information for a credible home inspector two. These professionals will go through the place that you are considering buying from top to bottom. These are the experts that can find issues that you want to stay away from like cracks in the foundation or a bad roof.
You can find this team of professionals by reading online reviews. Other times it’s best to ask friends and colleagues who they would recommend. Being new to North America is an exciting adventure. Home ownership is part of your new life with an ijara mortgage and these tips guiding you along.