straight cash or mortage?

[Xaaji_Waraabe-]

my uncles bout buy a house, should get a mortage or buy in cash?

[Xamari_76]

Depends if you have enough money upfront..there's a reason why they call it a mortgage.

[zulfiqir23]

my uncles bout buy a house, should get a mortage or buy in cash?

loads of somalian....are in fact in mortgage..........in uk ...i know quite a lot...but.................When it Comes to AKhira ..the case is done and dusted.....for sure.....NAARU JAHANAMA......ONe of the biggest SIN a human can commit

[FAH1223]

straight cash is always better than mortgage

[SomeGuy]

that is no brainer. Pay off the home . And the pull all the money with 5% in the name of equity loan.

SomeGuy

[HELWAA]

Cash is better.

[Hyperactive]

who has all that cash man?
if you have that's only choice if not kira dada isaga jir.

[Mad May]

Rent is a waste of money, there's no way a Somali dude can afford cash upfront, mortgage may be unIslamic but who cares .Just my opinion.

[The Nomad]

I can't give specific advice without knowledge of your uncle's fiscal situation, but generally, only idiots buy outright. I'm assuming the people who told you to do so know nothing about home ownership, or are speaking from an Islamic perspective, but you'd do well to disregard it.

A fixed-rate mortgage is your best bet, provided you have enough assets to land a decent one. Some advice:

Horta, never take out a mortgage with monthly payments that you cannot afford. Same goes for not leasing an apartment with monthly rent you cannot afford. Idiocy can blind people here, but a person with a modicum of intelligence can easily make a great investment by buying an affordable house rather than giving away money to an apartment complex.

Secondly, Never take out an adjustable rate mortgage. 90% of the time, you'll get fucked over. Fixed rate is the only option. If you can afford the payments on a fixed rate now , you'll be able to afford them later (assuming your income doesn't decrease, which is rare).

Whatever you do, don't buy outright.

[Executive]

Riba is a major sin.

[Mad May]

Riba is a major sin.

Yeah but rent is a waste of money, are we supposed to watch gaalo get on the property ladder while we pay rent like fools?

[Executive]

Riba is a major sin.

Yeah but rent is a waste of money, are we supposed to watch gaalo get on the property ladder while we pay rent like fools?

If you want to obey your lord yes pay rent if you can't afford to buy a house, If you want to fight allah on the day of judgment then you should take out a mortgage.

[The Nomad]

If you want to avoid ribac, end up broke because your equity is staying stagnant and eventually fall into petty crime just to survive, buy outright. You'll be in prison for life after a stretch out on the streets and amassed far more sin then if you'd financed your home, but at least you avoided ribac, right?

The key to home-ownership. Leverage. Use as little of your money as possible. This are the realest worlds you'll ever hear. Go to your uncle, advise him to take out a 30 year fixed interest-only mortage and never, ever, ever pay it off.

I've done the calculations, you'll make far more than in any other scenario.

[Mad May]

^ When did this one stop being religious?

[The Nomad]

^ When did this one stop being religious?

What are you talking about?

You're living in dar al-kufr anyway, I'm sure it'd be Islamically superior to make money and send it to Al-Qaida or back home to Pakistan, Somalia, Afghanistan, Sudan, etc. rather than being poor, sinning regardless but 'avoiding ribac' (which you're not even doing because everything involved interest).

It's simple.