Islamic Banking.

[Tuushi]

Man.That is a test in itself.I dont wanna set myself up like that.

I knw people with mortgages,leased cars,advance cash on credit cards.It always start somewhere.Ilaahay dhinac haiga mariyo.

[BlackVelvet]

You don't ever want to get a mortgage? You know sometimes it's cheaper than renting.

[Tuushi]

It is cheaper in the lony term lakiin i would never pay interest and sell my aakhiro for it.I dont even trust the Islamic mortgage business.

U would?

I think It is safer to buy if one is able to,maybe a fixer upper for cheap and mend as u go along.

[Titanium]

Islamic mortgages are fine. What they do is buy the house for you and then sell the house to you at a higher principle cost. House is $200K in the market, the Islamic Bank would buy it and then sell that house to you at say $250,000. No interest of course and you make your monthly mortgage payments til you paid off the entire $250,000. No interest on top of the principle.

Well they would really sell it to you for maybe $100K extra but you get the picture.

[BlackVelvet]

Tuushi Ilaahey ha na gaarsiyo, inshaAllah


I like to watch the fixer-upper shows (Homes under the Hammer etc) the cheapest house I ever saw was 60K and that was the dingiest hole in the worst location and even then to fix it you'd incur further costs and you'd be lucky if you didn't end up spending more than the sale price. Unless you have all this cash lying around somewhere you'll need a loan.

Don't know man, it's something worth getting educated about but honestly I don't see how you can avoid interest. Some people don't even go to uni because of the interest. The irony is the same person would sit at home taking ceer.

[FAH1223]

You don't ever want to get a mortgage? You know sometimes it's cheaper than renting.

For the next half decade, having a fixed rate mortgage will be better than renting.

I'm seeing huge homes like, nearly 4,000 square feet selling in the $400ks. If you put down 20% with a mortgage at 3.5% fixed, you're paying like $1500 a month instead of say, $1000-2000 more in rent.

One thing I hate is how rich folk have mortages on homes of that value when they can pay the thing off and only worry about the taxes and perhaps small homeowner association fees.

I'd never take cash out of a paid house and then be in debt and then lose it if hard times hit.

[BlackVelvet]

If you have more stashed where the half a million came from then it makes sense to pay it all but if it means living like a pauper afterwards, it's not worth it, is it?

[FAH1223]

If you have more stashed where the half a million came from then it makes sense to pay it all but if it means living like a pauper afterwards, it's not worth it, is it?

As long as you have money coming in, it is worth it

[Alphanumeric]

If you want a house, you need a mortgage. Otherwise, fill someone else's pockets for 15 years trying to save money for a house in some decrepit and corrupt country where you won't be able to earn half of what you did here.

Islamic mortgages are fine. What they do is buy the house for you and then sell the house to you at a higher principle cost. House is $200K in the market, the Islamic Bank would buy it and then sell that house to you at say $250,000. No interest of course and you make your monthly mortgage payments til you paid off the entire $250,000. No interest on top of the principle.

Well they would really sell it to you for maybe $100K extra but you get the picture.

If they sell it to you for 100K extra, you'd be paying much less taking an average mortgage. Why would anyone choose that?

[BlackVelvet]

If you have more stashed where the half a million came from then it makes sense to pay it all but if it means living like a pauper afterwards, it's not worth it, is it?

As long as you have money coming in, it is worth it

If the money would have otherwise just sat there then yes.