Tuesday, December 6, 2022
HomeMortgageHalal Financing Program - MortgageDepot

Halal Financing Program – MortgageDepot


Our Halal Financing Program Will increase Homeownership Alternatives

In Islam, homeownership appears to be like totally different. Islamic religion approaches monetary issues in a particular means that doesn’t essentially match up with typical lending procedures within the U.S.

At MortgageDepot, we consider that matter our background, tradition or religion, all of us deserve an opportunity at homeownership. That’s why we provide accessible homeownership for all via our Halal financing program.

What’s Halal Financing?

Our Halal financing program gives our purchasers a Sharia-compliant different to conventional residence loans. Whereas it’s focused at these of the Islamic religion, it’s open to any consumers who qualify.

To stay consistent with Sharia, or Islamic Legislation, a house mortgage program should have these traits:

  • Cash can’t be made out of cash, so the mortgage program can not cost curiosity.
  • Mortgage cash can’t be used to fund actions violating Islamic beliefs, similar to playing or alcohol consumption.
  • The lending course of features a particular Sharia-compliant contract.
  • The transaction should be equitable and clear beneath Islamic Legislation.

How Does Halal Financing Work?

Our Halal financing program brings homeownership alternatives to the Islamic neighborhood. For those who’re on this accessible program, right here’s what it’s worthwhile to 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 Growth 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 Growth Company, and with every cost made, you’ll achieve fairness in your house.
  • You’ll make funds in keeping with an agreed-upon schedule, much like a mortgage.
  • With every month-to-month cost, you’ll submit a further payment that covers the prices of residing within the residence, similar to hire.

Contact Us Right now

Are you holding again in your homeownership desires as a result of there isn’t a mortgage program that aligns along with your religion? At MortgageDepot, we received’t ask you to compromise your values to expertise the advantages of proudly owning a house. Contact MortgageDepot at the moment to study extra about our Halal financing program!

Join with considered one of our mortgage consultants for extra data.

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