The changes to the Canadian requirements and other important Islamic mortgage loans news from the ijaracdc.com end of summer newsletter.

If you live many parts of North America you’re seeing the end of the summer and the cooler weather peaking at you over the horizon. That doesn’t mean you should change your plans if you’re planning on buying or selling using Ijara loans, however. Still, regardless of the climate you need to be well informed and that’s just one of the reasons we put out this newsletter.
Canada was one of the only countries that kept its financial house in order all through the financial crisis. Recently, they’ve even tightened up their lending rules to keep things shipshape and these changes will affect some who are looking to get islamic home loans there.  Here’s a few of the highlights

• The amortization period is down to 25 years from 40 years. That should give people a little more pause about borrowing larger sums since the timeframe to pay the money back has narrowed.
• Home buyers need at least five percent for a down payment now. For some transactions, this number is as high as twenty percent.
• When refinancing, Canadians can only borrow up to 80 percent of the value of their homes whereas that number was 95 percent until recently.

There are prerequisites you need to take into account stateside whether you’re looking for islamic mortgage loans or more traditional western models. We want our clients to have all the information they need to make the right decision about mortgages of either variety.

That means you’ll need to gather up some information about your working career to help you get preapproved. It stands to reason that financial institutions will want to lessen the risk involved with lending out money. That means they’ll want some assurances you’re serious about holding up your end of the bargain.

Need more information about the requirements for Ijara loans and how they blend with the prerequisites for the more traditional western varieties? All you need to do to get the ball rolling is contact us.