Top tips for working with ijara loans in 2014

When you consider new mortgage regulations went into effect January 2014 that put pressure on lenders to make sure borrowers don’t present any undue risks, you’ll see why it’s important to know what to expect when applying for ijara loans in 2014. Tape these handy tips to your refrigerator so you’ll see them as you prepare to look for a new home.

1. Documentation. Keeping good records of your financial statements is one of the things you can’t afford to skimp on. That includes bank statements and tax returns and well as any paper work for investments. You should be ready to explain any and all money that’s been deposited in your account—even a birthday check from a relative.
2. Lock in an Islamic home financing rate as fast as you can. The Federal Reserve is expected to reduce the amount of stimulus that has kept the rates low. The rates are expected to climb so you need to stay ahead of them.

Finally, if you think you can refinance to get one of the dwindling lower rates on ijara loans, now is the time. Talk to your financial advisor to see if this makes sense from your standpoint before you make any moves.