Our Halal Financing Program Will increase Homeownership Alternatives
In Islam, homeownership appears completely different. Islamic religion approaches monetary issues in a selected approach that doesn’t essentially match up with typical lending procedures within the U.S.
At MortgageDepot, we imagine that matter our background, tradition or religion, all of us deserve an opportunity at homeownership. That’s why we provide accessible homeownership for all by way of our Halal financing program.
What’s Halal Financing?
Our Halal financing program affords our shoppers a Sharia-compliant different to conventional dwelling loans. Whereas it’s focused at these of the Islamic religion, it’s open to any patrons who qualify.
To stay in keeping with Sharia, or Islamic Legislation, a house mortgage program should have these traits:
- Cash can’t be produced from cash, so the mortgage program can not cost curiosity.
- Mortgage cash can’t be used to fund actions violating Islamic beliefs, comparable to playing or alcohol consumption.
- The lending course of features a particular Sharia-compliant contract.
- The transaction should be equitable and clear below Islamic Legislation.
How Does Halal Financing Work?
Our Halal financing program brings homeownership alternatives to the Islamic group. When you’re on this accessible program, right here’s what you should know concerning the course of:
- Your mortgage will shut with an inter-vivos revocable belief, and you’ll act because the trustee.
- The Ijara Neighborhood Improvement Company will handle mortgage servicing, mortgage insurance coverage, property taxes and different features of your mortgage.
- You’ll submit mortgage funds to the Ijara Neighborhood Improvement Company, and with every cost made, you’ll achieve fairness in your house.
- You’ll make funds in accordance with an agreed-upon schedule, much like a mortgage.
- With every month-to-month cost, you’ll submit a further charge that covers the prices of dwelling within the dwelling, comparable to hire.
Contact Us At the moment
Are you holding again in your homeownership goals as a result of there isn’t a mortgage program that aligns together with your religion? At MortgageDepot, we gained’t ask you to compromise your values to expertise the advantages of proudly owning a house. Contact MortgageDepot right now to study extra about our Halal financing program!
Join with considered one of our mortgage consultants for extra data.