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–noun Law.
the legal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation.
–noun
1. a conveyance of an interest in property as security for the repayment of money borrowed.
2. the deed by which such a transaction is effected.
3. the rights conferred by it, or the state of the property conveyed.
–noun
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
–noun
The paying off of debt in regular installments over a period of time
A congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market
–noun
insurance that a lender may require a borrower to purchase to cover losses in the event of default of a residential loan esp. when the borrower is giving the lender a mortgage on property in which the borrower has less than 20 percent equity
Not sure what sets us apart from all the rest? Below are just a few of the advantages of our 100% debt-free, riba-free program. Learn more about how the Home Partnership Program works. Click Here to learn how to differentiate between a true Shariah-based program and one that only appears to be so.
Halal Inc. | Bank Loan | Other Programs | |
![]() No Debt |
100% Debt-free | Debt is owed. | Debt is owed. |
![]() No Lien |
No Lien | Lien is placed against the property to secure the loan. | Lien is placed against the property to secure the loan. |
![]() No Freddie Mac |
No Loan = No Freddie Mac |
Loans are from bank's money, or are coordinated with institutions like Freddie Mac. | Loans are coordinated with Freddie Mac. |
![]() No Mortgage |
No Mortgage Paperwork |
Mortgage paperwork is signed. | Mortgage paperwork is signed. |
![]() No PMI |
No Private Mortgage Insurance | PMI is required if less than 20% down payment. Paid for and purchased by homebuyer. | PMI is required if less than 20% down payment. Paid for by homebuyer and purchased by program. |
![]() No Foreclosure |
Wholly Owned Property = No Foreclosure |
Home can be foreclosed if mortgage payments are not met. | Home can be foreclosed if mortgage payments are not met. |
![]() No Obligation |
No Obligation to Buy or Rent |
Obligation to repay loan regardless of property value. | Obligation to repay loan regardless of property value. |
![]() Shared Expenses |
All Expenses Shared | No expenses are shared. | No expenses are shared. |
![]() Shared Profit & Loss |
Profit & Loss Shared | No profit or loss is shared because it is a loan not a partnership. | No profit or loss is shared because it is a loan not a partnership. |
![]() No Credit Check |
Credit Score is Unimportant | Loan is decided and terms are set based on credit score. | Loan is decided and terms are set based on credit score. |
![]() Standard Rental |
Standard Rental Contract (Separate From Ownership Status) |
No rental. Loan amortization schedule includes: Principal Repayment & Interest | Loan amortization schedule includes: Principal Repayment & Interest (renamed "Rental" but same amount & terms) |
Learn more about how the Home Partnership Program works.