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Buying A House


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  • 3 weeks later...
 
 
 

 

Hey guys, I hope someone here can help. Can you recommend an efficient finance company that offers fixed-rate mortgages? I'm recently engaged and the hubby and I are planning to buy our dream house. I’m currently exploring and looking for some options. Thanks in advance.

 

https://en.wikipedia.org/wiki/Mortgage_loan

 

ToryRodgers,  I do not have any experience in applying for a housing loan. My mom used to borrow home loans from government firms. I just do not know the rates given. some told me that it is better than borrowing from a bank. I remember a friend who applied a loan recently  and got a fixed rate mortgage. I'm not so sure if it was a credit union nearby.

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  • 10 months later...

Hey guys, I hope someone here can help. Can you recommend an efficient finance company that offers fixed-rate mortgages? I'm recently engaged and the hubby and I are planning to buy our dream house. I’m currently exploring and looking for some options. Thanks in advance.

 

https://en.wikipedia.org/wiki/Mortgage_loan

 

First of all it depends on where you live as rates vary depending on the market, the stock market, the Fed rate, etc...  I would suggest a mortgage broker rather than going to a bank or credit union, since they do nothing but mortgages and are up on the latest rates.  In addition the process is generally painless since they have plenty of experience.  Any of the mortgage sources mentioned can do VA, FHA, and whatever an FHmA is called these days if you qualify.  (Note: I just looked it up and an FHmA loan is now an RHS loan)  The attached guide has plenty of good information and links to eligibility requirements for the different types.

 

http://www.homebuyinginstitute.com/mortgagetypes.php

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The mortgage on my first house was a 30 year fixed rate FHA loan at 11%.  The recession had just ended and rates were coming down from 18%.  BTW, that was 31 years ago.  I am currently on my third house and have a 10 year fixed rate conventional loan at 3.14%.  I believe I have 4 years left on that loan and I am done.

Edited by fahrquad
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In mentioning Where you live, one point I should make is that Islamic law frowns on debt and forbids paying interest.  This makes getting a mortgage or investing problematic if you live in a Muslim country.  I believe the 6 million Muslims in the US take a more relaxed view.  It appears one acceptable way around the obstacle is to build the profit from the loan into the payment plan (which sure sounds like interest to me).

 

Islamic law prohibits Muslims from paying interest on debt. Local groups are helping entrepreneurs find alternatives. 

Bille of Minneapolis, a practicing Muslim, faced a quandary when he decided to start a small bus transportation service. Bille needed a loan to get the business going, but traditional Islamic law prohibits him from paying interest, or reba, on debt.

 

Until recently, options have been limited for Muslim entrepreneurs like Bille. But in May, because of new efforts by Twin Cities groups, Bille was able to obtain interest-free financing for his firm, which transports immigrants to English classes.

 

Bille financed a 34-person school bus with $15,000 borrowed from the Neighborhood Development Center in St. Paul. The group built a $2,000 profit into his repayment plan. Bille pays no interest, and the center still earns an annual return because the profit replaces interest.

 

http://www.allied-media.com/AM/belief_banking.htm

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