Use these 2014 homeowner tips with your Islamic mortgage loans

While it might be getting a little late to be giving out New Year’s tips for homeowners using Islamic mortgage loans, there are still a number of things you can do to make sure you’re looking after your property and finances.

• Islamic home financing protects you from the ravages of unfair interest practices, but it’s still a good idea to evaluate whether a refinance is a good option given the present market trends. Take a look to see if you can get a lower rate which will in turn lower your monthly payments. Make sure you understand any penalties you will incur for breaking a current contract. Those alone could make refinancing a questionable maneuver.
• This is the time of year for maintenance and repair. After the kind of winter that many parts of the United States and Canada have had, it’s a good idea to see where your house might need to be spruced up to maintain its equity. In many cases, small maintenance and repair projects can save you big dollars in the long run.

Islamic mortgage loans are designed to keep you Sharia compliant but there are many other aspects of homeownership that need to be looked at simultaneously.