Mortgage; sign of a man?

Lifestyle Relationships
21

Re: Mortgage; sign of a man?

And Islamic banking is infact not banking at all. They simply reterm Interest as something else like a fee or whatever. But it is still in reality interest.

22

Re: Mortgage; sign of a man?

Whatever as long as It is accepted by Ulmas, one need not worry too much about it.

23

:k:

24

Exactly. Do the calculations - all comes out to be the same.

Agreed with Mamaof3 - I'd rather take out a mortgage than rent, BUT that is ONLY under the circumstances: I have a steady job, interest rate is reasonably low, and the market is a buyer's market.

You have to know WHEN to take out the mortgage, or else, of course you're going to get screwed.

Ex. Dude who has a 30K job who has 5 mortgages on Condos and he's playing with money that is being returned from the stock market....that's a guy you should not marry.

25

I believe what Gemini is talking about is the “community” loans, where everyone who wants to buy a house contributes monthly and there’s a list, per that, each person gets a house. Patience is required for sure. It’s just like “committee” the womenfolk jo dalti hain.

or this http://www.qurtuba.ca/en/presentation.html

26

Re: Mortgage; sign of a man?

interesting that this has become a religious debate.
regardless of which method of purchasing is better

the reason someone who has started on the process to purchase a home indicates some maturity and stability, not true in all cases. It also shows that the girl will have her own place etc etc.

yes there are risks and what nots, market can go up and down, values get hit etc etc.

but its the same as when ppl inquire about a guys education and job and heck even income, its indicators about maturity, vision, stability, motivation..and whether the dude can reasonably be expected to provide for his wife. is it accurate and a failsafe thing in each case, no, but in composite wit everything else it just helps paint a picture.

I am sure there are good guys who are living at home, did not finish their education, living on unemployment and running side businesses off the books to avoid losing unemployment benefits or council housing, seen it in UK, and that they can keep someone's daughter happy and be great husbands, but for most people I think it will have some alarms going off for most girls parents but those guys get married too, so its a matter of preferences and criteria.

27

Re: Mortgage; sign of a man?

why do you guys hate sucesssful, able men? I dont get it. Were your rishta offers rejected?

28

what??? their rishta offers were rejected by successful able men :eek:
the things you find out about ppl..wowza

29

i know factory workers who have mortgages, so are they successful? maybe. such relative terms u know.. makes one conclude that indeed mortgage=success. which IS NOT true! so no1 is hating. just spittin the facts yo! and alhamdulillah im 1/4.... 3 more to go. :p

30

Re: Mortgage; sign of a man?

Hey listen...that factory worker could spend maybe 800 dollars a month for rent which is really just money out the window...or he could get a mortgage and buy a house so that his monthly living fees go toward ownership. Really people...who is smarter here?

31

Re: Mortgage; sign of a man?

Some people can hardly afford to save for even a down payment on their home.

I guess the ones who don't make as much money are failures and don't deserve nice lives eh? :)

32

Re: Mortgage; sign of a man?

Sara, I dont know about that. I've seen some folks with "brass ones", buy a fixer-upper, fix it and sell it. Sure, they need to mortgage it and all that but they;ve done far better than some of the more educated and staid indiviuduals who wouldnt go for mortgage.

33

[QUOTE]
And Islamic banking is infact not banking at all. They simply reterm Interest as something else like a fee or whatever. But it is still in reality interest.
[/QUOTE]
Not true. Some "Islamic" organizations that offer "Islamic" financing are quite shady, thats true. But there are trustworthy, reliable alternatives that are backed by trustworthy, knowledgeable scholars. You cant lump them all in the same category

[QUOTE]
Hey listen...that factory worker could spend maybe 800 dollars a month for rent which is really just money out the window...or he could get a mortgage and buy a house so that his monthly living fees go toward ownership. Really people...who is smarter here?

[/QUOTE]
Depends on what we think smartness equals I guess. Personally Id rather have a house in the hereafter than a mortgage-bought house in this world!

[QUOTE]
wow, I cant imagine buying a house with cash! You need at least a quarter of a million dollars!!
[/QUOTE]
Many people cant imagine purposely doing something that is clearly mentioned as something so hated by Allah SWT that He has declared war on those who deal with it [riba]. It might cost a bit more to buy a house mortgage-free, but in the long run [the long, long run ;)], its definitely worth it

34

maybe its just not the right time for those people to buy a home, there is no hard and fast rule on when someone does what, people's responsibilities, circumstances and priorities vary. nice life definition varies by people anyways.

although for down payment savings every small bit helps, also there are grants available for first time home buyers, lease to own options which are big these days because people bought investment properties and cant get rid of them right now and want to rent them out to stop their own cash flow issues and sell them at low price to recover or limit their losses.

35

dyamn....those mortgage financed masjids are a real mess then i guesss..

sheesh...

and these trustworthy reliable alternatives that you mentioned, could you please share them with ppl on GS so they can use their services etc and/or investigate them.

36

Re: Mortgage; sign of a man?

I like to present a self made fatwa here. Its is indeed allowed in shariah for the seller to charge more for a product (property in this case) if buyer wants to pay in installments. That means that a 30 years fixed mortgage should be allowed (or can be allowed) as long as buyer promises never to refinance and terms are spelled out that if he sells the house in X number of years than this will be the pay off amount at that time and what not.

37

Re: Mortgage; sign of a man?

TLK although sellers can also transfer the loan to someone else..
so by your approach a seller can say hey I will sell you the house at such and such price and I am fine if later you decide to got o someone else and strike a deal with them..and I transfer the property to them, they become the seller, I am out of the picture..

38

Re: Mortgage; sign of a man?

There is a Islamic business code X2 that you cannot sell a commodity unless you have possession of that property (or technically involve in the risk of profit and loss) .. so once seller makes the buyer co-owner (under certain terms) he cannot transfer the ownership of property, hence the ownership of loan to someone else. But if its written in the contract and buyer agrees to that then yes seller can transfer the loan.

I know its not as simple as I am putting it. But I always think that this might be the only way out of this dilemma. It is not easy for someone to buy house on cash in USA (as some people are suggesting), at least a sizable house in decent neighborhood is almost impossible for a normal person to buy on cash.

39

yeh this bull about ownership/building equity would fly in the pre-real estate bubble days. not anymore.

fact of the matter is, rent vs. mortage - its all priced into the market. it is cheaper to rent than own; unless you are lucky enough to be someone who never has to move, and is in a place where home values go up.

40

Re: Mortgage; sign of a man?

The house I own dropped down 25 percent .. negative equity now .. :hehe: