We Can Help You with An Ijara Mortgage. Follow This Checklist to See If a Home Is the Right Move

We’re here to help you structure your ijara mortgage. At the same time, we realize buying your first or second home is a big decision. That’s why we encourage you to ask some serious questions before you sign on the dotted line for ijarah financing.

Ijara Mortgage Checklist

First off, you need to determine if you can financially afford to buy and maintain a place of your own. Here are some items to enter on a checklist to help decide if you meet the criteria for homeownership.

• Most people with checking accounts have overdraft protection. Financially stable people never overdraw and avoid having to pay overdraft fees to the bank. They keep a cushion of money in their accounts rather than depleting funds to draw on this type of protection. This is one advantage on a checklist if you are looking to qualify for an ijara mortgage.
• You need to ask yourself if you can handle all of the costs associated with becoming a homeowner. For example, if you are currently renting, you probably do not pay for your heat and hydro. These utilities are usually included in your rent. When you buy your own home, you’ll be responsible for those bills as well as a water utility and property taxes.
• Ask yourself if you can devote the time necessary for regular home maintenance. This can include some upkeep you may not be familiar with. For instance, you should inspect your roof periodically for loose or missing shingles. During the fall, you’ll need to shut off outside water supplies and get your home ready for winter. This includes cleaning your gutters and checking the drainage around the property.

We can help you put together an ijara mortgage. We work on both residential and commercial portfolios. Deciding if you are ready for this kind of big financial commitment means sorting through a few more details.

Some indicators of financial stability are evident such as having a steady income to cover your expenses. We recommend having consistent employment for at least two years.

Less Transparent Factors

Similarly, if your net worth grows continually from year-to-year, the chances are you’re financially stable. However, some other factors to consider are less transparent.

Credit cards are a good example. Using a credit card responsibly and keeping within the credit limit means you are probably in good financial shape. People in this position generally don’t spend a lot of money recreationally. In other words, they don’t spend money to feel good about themselves or their situation. Recreational spending, or buying things you don’t really need, only makes you feel good for a short period of time. You also understand the importance of paying the balance on your credit card on time and in full.

Ijara Mortgage–Free From Riba

Once you sort through these things, you can come to us for ijarah financing to keep you free from riba. We look after a variety of different financial products. Everything we do is in accordance with Islamic Sharia guidelines.