Home Mortgage

Interest rate on home mortgages keeps playing a roller coaster ride. Thus, you need to be extra cautious to go for home mortgage. Although, the rates are creepier, Islamic mortgage financing facilities are still in thelimelight.

  • Build your credibility:

Your credibility will decide your value in the eyes of lender. If you are planning to buy a new house, it is important for you to show how responsibly will you manage the house and clear your debts at the same time. If you have a record of paying your bills timely, you are more likely to get your mortgage sanctioned.

  • Make some savings:

Most builders may ask you to give a prefixedpercentage ofdownpayments,before lending the house papers completely to you. There are plenty of assistance programs to understand the percentage and payment of these down payments in the Islamic regions. You may also find some assistance on the Islamic home financing options.

  • Apply for pre-approval:

Before you begin with your home hunting process, it is essential that you get your mortgage pre-approved. It will help you to understand the prerequisites of home loan and also confirm whether you are qualified for the purchase of home. By following this, you will save yourself from any embarrassing situation or disappointment that may arise after mortgage rejection.

  • Find a lender:

After you are sure of your mortgage approval and once you are qualified for the borrowing process, it is time to find a lender. Do not just chase someone who is offering you an attractive interest rate; you need to find the mosteligible lender to secure your financial situation. It would be wise to borrow money from multiple lenders than rely on one lender. This ensures timely payments to the banks. Islamic mortgage financing process involves some research on the lender’s part.

  • Identify your lifestyle:

Your lifestyle depends on the society chosen by you. A good house but not so good society will make you compromise your lifestyle.Check for the surrounding and environment, communicatewith neighbors, and also find out any extracurricularactivitiesthat your family would love to enroll for. Your society and lifestyle will determine the amount of mortgage you are looking for.

  • Take guidance from a pro:

The home buying process could be tricky until you have some guidance by a pro. You surely need some support from a qualified staff to assist you with the step by step process of Islamic home financing. A professional is experienced in this field and has got many mortgages sanctioned. Thus, he is well awareof the Do’s and Don’ts of home mortgage.

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