Thearamcogroup.com Review

Based on looking at the website, Thearamcogroup.com primarily focuses on mortgage services, including residential, commercial, and reverse mortgages.

However, it’s critical to note that the core business model, involving interest-based loans and financial services, is not permissible in Islam.

Islamic finance strictly prohibits Riba interest in all transactions, making conventional mortgages inherently problematic for a Muslim audience.

This review will highlight why such services are not recommended and provide ethical, permissible alternatives.

Overall Review Summary:

• Website Focus: Residential, Commercial, and Reverse Mortgages.
• Islamic Permissibility: Not permissible due to reliance on interest Riba.
• Transparency: Provides licensing information NMLS, CA DRE, AZ DIFI and contact details.
• Ethical Concerns: Promotes interest-based financial products.
• Recommendation for Muslims: Not recommended. Seek Sharia-compliant financial solutions.

Thearamcogroup.com presents itself as a mortgage provider aiming to simplify the home financing process.

While it provides detailed descriptions of its services—from purchasing and refinancing to debt consolidation and commercial property loans—the underlying mechanism of these services is rooted in interest.

In Islam, interest is considered exploitative and unjust, leading to economic imbalances.

Therefore, engaging with such platforms, despite their apparent professionalism and stated commitment to customer service, goes against fundamental Islamic financial principles.

For individuals seeking to manage their finances ethically, exploring Sharia-compliant alternatives is not just a preference but a necessity.

Best Alternatives for Ethical Financial Solutions Non-Edible Products:

• Guidance Residential

  • Key Features: Offers Sharia-compliant home financing declining balance co-ownership program, avoiding interest. Focuses on ethical asset ownership and partnership.
  • Price: Structured as a co-ownership model, payments include principal and profit share, not interest. Specific rates vary based on market and individual profile.
  • Pros: 100% Sharia-compliant, ethical and transparent, strong reputation in the Muslim community, avoids Riba.
  • Cons: May involve more paperwork initially compared to conventional loans, availability might be limited to certain states.

• Ijara Community Development

  • Key Features: Provides Islamic home financing through an Ijara leasing model, where the institution purchases the property and leases it to the client, gradually transferring ownership.
  • Price: Payments are structured as rent and principal, with varying rates depending on the property and agreement terms.
  • Pros: Sharia-compliant alternative to conventional mortgages, focuses on asset-backed financing, supports community development.
  • Cons: Can be a more complex financial structure to understand, less widely known than conventional options.

• Lariba

  • Key Features: Offers a range of Islamic financial services including home financing, auto financing, and business financing, all structured to be Riba-free. Employs Murabaha, Musharaka, and Ijara contracts.
  • Price: Varies by product and market conditions, but always structured to avoid interest.
  • Pros: Comprehensive suite of Islamic financial products, established presence, committed to ethical practices.
  • Cons: Services might be geographically limited, requires thorough understanding of Islamic contracts.

• Amanah Finance

  • Key Features: Specializes in Islamic home financing using the Murabaha cost-plus-profit model, where they purchase the property and resell it to the client at an agreed-upon higher price.
  • Price: Fixed profit amount agreed upon upfront, no fluctuating interest rates.
  • Pros: Clear and transparent pricing, avoids interest, focuses specifically on home financing needs.
  • Cons: May not be suitable for all types of financial needs beyond home purchase, terms are fixed after agreement.

• Zoya App

  • Key Features: While not a financing provider, Zoya is an indispensable tool for Muslims to identify Sharia-compliant stocks and investments, helping individuals make ethical investment decisions. It offers screening tools and a stock screener.
  • Price: Free basic plan, premium features for a subscription.
  • Pros: Essential for ethical investing, user-friendly interface, comprehensive Sharia screening.
  • Cons: Not a financing provider itself, focused on stock market investments.

• Pure Financial Advisors

  • Key Features: Offers comprehensive financial planning and investment management, including options for socially responsible investing that can align with ethical principles though not exclusively Islamic.
  • Price: Varies based on services and assets under management.
  • Pros: Professional financial guidance, emphasis on long-term planning, potential for ethical investment alignment.
  • Cons: Not specifically an Islamic finance institution, requires client to ensure Sharia compliance of recommendations.

• Wahed Invest

  • Key Features: An online halal investment platform providing diversified portfolios globally. It simplifies ethical investing for individuals, adhering to Sharia principles by avoiding haram industries and interest.
  • Price: Management fees vary based on account size, typically competitive with other robo-advisors.
  • Pros: Fully Sharia-compliant, accessible for various investment levels, diversified portfolios.
  • Cons: Limited to investment management, not direct financing.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Thearamcogroup.com Review & First Look: A Deep Dive into Mortgage Services

Based on a thorough review of Thearamcogroup.com, the website positions itself as a comprehensive provider of mortgage services, catering to both residential and commercial clients.

The initial impression is one of professionalism and accessibility, with clear calls to action for applying for loans.

However, a closer examination reveals that the core offerings—residential mortgages, commercial mortgages, and reverse mortgages—are fundamentally structured around interest.

This is a critical point for any Muslim audience, as Riba interest is explicitly prohibited in Islamic finance.

The website highlights its commitment to “competitive interest rates,” which immediately signals a red flag for those adhering to Sharia principles.

While the site presents itself as a solution for homeownership and refinancing, the underlying financial model necessitates a cautious approach for ethical considerations.

Initial Website Impressions and Accessibility

The website is clean, modern, and relatively easy to navigate.

It prominently features sections for residential and commercial mortgages, and also mentions reverse mortgages.

• User Interface: The design is straightforward, with a clear menu and intuitive layout. Key information such as contact details and licensing information is easily accessible.
• Call to Action: Multiple “Apply Today” buttons are strategically placed throughout the homepage, encouraging immediate engagement.
• Content Clarity: The descriptions of services are concise and use language that is generally easy to understand for a layperson.
• Mobile Responsiveness: The site appears to be designed with responsiveness in mind, ensuring a consistent experience across various devices.

Transparency and Licensing Information

Thearamcogroup.com does a commendable job of providing its licensing information, which is a crucial aspect of establishing credibility in the financial services industry.

• NMLS Consumer Access: The website explicitly mentions “Visit NMLS Consumer Access for more licensing information,” directing users to a recognized national database for mortgage professionals. This level of transparency is a positive indicator of legitimate operation.
• State Licenses: It lists specific licenses in California CA DRE, Arizona AZ DIFI, and Texas SML, along with corresponding license numbers e.g., NMLS#: 277316. This provides verifiable details for potential clients to cross-reference with regulatory bodies.
• Disclaimers: The site includes important disclaimers stating that “These materials are not from HUD or FHA and were not approved by HUD or a government agency” and that “All loans are subject to credit and underwriting approval.” This is standard practice and good for setting clear expectations.

Ethical Review from an Islamic Perspective

The primary ethical concern with Thearamcogroup.com, from an Islamic standpoint, is its reliance on interest-based financial products. This is a non-negotiable issue in Islamic finance. Sagedoer.com Review

• Riba Interest Prohibition: Islamic jurisprudence unequivocally prohibits Riba, which includes any form of interest, whether simple or compound, on loans or debts. The Quran and Sunnah strongly condemn it, viewing it as an exploitative practice that creates injustice and wealth disparity.
• Conventional Mortgage Structures: The conventional mortgage model involves borrowing money from a lender and paying it back with interest over time. This directly conflicts with Islamic principles, which advocate for profit-sharing, equity participation, and asset-backed transactions as alternatives to interest.
• Impact on the Muslim Community: For Muslims, engaging in interest-based transactions is a serious sin that carries significant spiritual and societal repercussions. Therefore, even if a service appears financially advantageous in the short term, it is considered detrimental in the long run from an Islamic ethical framework. The website’s focus on “competitive interest rates” only reinforces its non-compliance with Islamic financial guidelines.

Thearamcogroup.com Features: An Overview of Their Service Offerings

While Thearamcogroup.com’s services are built on interest, it’s still useful to understand what they offer from a functional perspective.

Their website details a range of mortgage solutions designed to meet various client needs, from first-time homebuyers to seasoned investors.

The focus is on providing tailored financial solutions with a commitment to customer service.

Despite the ethical reservations concerning interest, the stated features indicate an attempt to provide comprehensive options within the conventional lending framework.

Residential Mortgage Solutions

Thearamcogroup.com emphasizes its residential mortgage offerings, aiming to assist individuals in purchasing or refinancing their homes.

• Home Purchase Loans: Geared towards individuals looking to buy a new primary residence, vacation home, or investment property. The process typically involves assessing creditworthiness, income, and property value.
• Refinance Options: For existing homeowners, refinancing allows for various objectives, such as lowering interest rates, changing loan terms e.g., from a 30-year to a 15-year mortgage, or converting adjustable-rate mortgages ARMs to fixed-rate mortgages.
• Debt Consolidation: The website mentions using refinancing for debt consolidation, where homeowners can use their home equity to pay off higher-interest debts like credit card balances or personal loans. This can potentially simplify payments but also extends debt over a longer period and ties it to a secured asset.

Commercial Mortgage Services

Beyond residential properties, Thearamcogroup.com extends its services to commercial real estate, catering to businesses and investors.

• Property Acquisition: Assisting clients in securing financing for purchasing new commercial buildings, whether for business operations or investment purposes. This often involves more complex underwriting due to the nature of commercial assets and business risks.
• Cash-Out Refinancing: Allows commercial property owners to extract equity from their existing properties to fund other business ventures, expansions, or to address liquidity needs.
• Renovation Loans: Provides financing specifically for renovating apartment buildings or other commercial properties, helping to improve property value and rental income potential. These loans are typically structured to cover construction costs.

Reverse Mortgage Explanations and Disclosures

Thearamcogroup.com also offers reverse mortgages, a specialized financial product for older homeowners.

It’s important to understand this specific product and its implications.

• Purpose: A reverse mortgage allows homeowners, typically 62 years or older, to convert part of their home equity into cash without selling the home or taking on new monthly mortgage payments. The loan becomes due when the last borrower moves out, sells the home, or passes away.
• Ethical Concerns: While reverse mortgages can provide financial relief for seniors, they still operate on an interest-based model, accumulating interest over time, which increases the debt owed. Furthermore, complex fees and potential for negative equity situations are concerns. The website mentions NBC News and CBS MoneyWatch reporting on reverse mortgages, suggesting they are a common topic of discussion.
• Key Disclosures: Thearamcogroup.com clearly states, “These materials are not from HUD or FHA and were not approved by HUD or a government agency.” This is a crucial disclosure, as reverse mortgages are often associated with government-insured programs like FHA’s HECM. This indicates their offerings might be proprietary or from non-government-backed lenders, which could have different terms and protections.

Thearamcogroup.com Cons: Why Conventional Mortgages Are Problematic

While Thearamcogroup.com presents a polished facade and offers what appear to be comprehensive mortgage solutions, the fundamental issue lies in the nature of its offerings: interest-based financial products.

From an Islamic ethical perspective, these are strictly forbidden, and understanding the “cons” of such services goes beyond typical consumer drawbacks. Timthomas.co Review

It delves into the inherent issues that make them incompatible with a Sharia-compliant lifestyle.

Prohibition of Riba Interest

The most significant and overarching “con” is the involvement of Riba, or interest, in all transactions facilitated by Thearamcogroup.com.

• Quranic and Prophetic Condemnation: The prohibition of Riba is clearly stated in the Quran e.g., Surah Al-Baqarah, 2:275-279 and reinforced by the Prophet Muhammad’s teachings. It is considered a major sin in Islam, leading to severe warnings against those who engage in it. The rationale behind this prohibition is to prevent exploitation, promote fair exchange, and encourage productive, risk-sharing investments rather than passive income generation from lending money.
• Economic Inequality: Historically, interest has been linked to economic inequality and instability. It favors those who have capital to lend over those who need to borrow, potentially creating debt traps and concentrating wealth. Islamic finance aims to foster a more equitable distribution of wealth.
• Moral and Spiritual Implications: For Muslims, engaging in Riba-based transactions is not just a financial misstep but a moral and spiritual transgression. It can lead to a lack of blessing Barakah in one’s wealth and life.

Debt Accumulation and Financial Burden

Conventional mortgages, by their nature, create long-term debt obligations that are often inflated by interest, leading to significant financial burdens.

• Compounding Interest: Over the lifespan of a 15-year or 30-year mortgage, the total amount paid back can be significantly higher than the principal borrowed, primarily due to compounding interest. For example, a $300,000 loan at 6% interest over 30 years could result in over $340,000 in interest payments alone, meaning the borrower pays back over $640,000 for a $300,000 asset. This effectively means paying twice or more for the same property.
• Risk of Foreclosure: In economic downturns or personal financial crises e.g., job loss, illness, the obligation to make fixed interest-based payments can become unsustainable, increasing the risk of default and foreclosure. This can lead to loss of home and severe credit damage.
• Lack of Flexibility: Traditional mortgage structures often offer less flexibility compared to Islamic financing models, which might incorporate profit-sharing or lease-to-own arrangements that can be more adaptable to changing circumstances.

Lack of Sharia Compliance

The absence of Sharia-compliant structures means that Thearamcogroup.com’s services cannot be utilized by devout Muslims.

• No Halal Alternatives: The website does not offer any alternative structures like Murabaha cost-plus-profit sale, Musharaka partnership, or Ijara leasing, which are recognized Sharia-compliant methods for home financing. These alternatives aim to eliminate interest by engaging in asset-backed transactions and risk-sharing.
• Limited Scope for Ethical Consumers: For a growing segment of the population seeking ethical financial products, Thearamcogroup.com’s offerings fall short. This limits its appeal to a broad demographic concerned with responsible and faith-based finance.
• Reputational Risk for Islamic Organizations: Any endorsement or promotion of such services by platforms targeting Muslim communities would be highly problematic, as it contradicts fundamental religious teachings.

Thearamcogroup.com Alternatives: Ethical Paths to Homeownership

Given the ethical concerns surrounding interest-based mortgages, exploring Sharia-compliant alternatives is not just an option but a necessity for Muslims seeking to align their financial dealings with their faith.

These alternatives are designed to facilitate homeownership and investment without engaging in Riba interest. They operate on principles of partnership, profit-sharing, and asset-backed transactions, fostering equity and shared risk.

Sharia-Compliant Home Financing Models

Several established models exist that allow for ethical home acquisition, avoiding the pitfalls of conventional interest-based loans.

• Murabaha Cost-Plus-Profit Sale: In a Murabaha transaction, an Islamic financial institution purchases the desired property from the seller and then immediately resells it to the client at a pre-agreed higher price. The client pays this total price in installments over a specified period.
  • How it Works: The institution discloses the original cost of the property and the profit margin. The client knows the total price they will pay upfront, and there is no fluctuating interest.
  • Example: If a house costs $300,000, the bank might sell it to the client for $350,000, payable over 20 years. The $50,000 is a fixed profit, not interest.
• Ijara Leasing: This model involves the financial institution buying the property and then leasing it to the client for a fixed period. Over time, ownership is gradually transferred to the client, either through a separate sale at the end of the lease or through a diminishing Musharaka Ijara.
  • Diminishing Musharaka Ijara: The institution and the client co-own the property. The client leases the institution’s share and simultaneously buys portions of the institution’s share over time, reducing their “rent” payment as their ownership increases.
  • Benefit: Provides flexibility and avoids debt obligation for the full purchase price upfront.
• Musharaka Partnership: This is a true partnership model where the client and the financial institution jointly purchase the property. Both share the ownership and the risks associated with the property. The client then gradually buys out the institution’s share over time.
  • Risk Sharing: Unlike interest-based loans where all risk is borne by the borrower, Musharaka involves shared risk and reward, aligning with Islamic principles of justice.
  • Equity-Based: This model focuses on equity participation rather than debt creation.

Key Institutions Offering Halal Mortgages

Several reputable institutions specialize in providing Sharia-compliant financial solutions in the United States and globally.

• Guidance Residential: A pioneer in Islamic home financing in the U.S., offering a Declining Balance Co-ownership Program similar to Musharaka. They have helped thousands of families achieve homeownership ethically. In 2022, they closed over 1,500 transactions, demonstrating significant activity in the market.
• Ijara Community Development: Focuses on the Ijara leasing model, allowing clients to lease properties with the intent of gradual ownership transfer. Their mission is to support community development through ethical finance.
• Lariba: One of the oldest Islamic financial institutions in the U.S., offering various Sharia-compliant products, including home financing, auto financing, and business funding, utilizing Murabaha, Ijara, and Musharaka contracts.
• Amanah Finance: Specializes in Murabaha-based home financing, providing clear and transparent terms for purchasing properties without interest.

Benefits of Choosing Ethical Alternatives

Opting for Sharia-compliant financing methods offers numerous benefits beyond simply adhering to religious principles.

• Spiritual Peace and Blessings Barakah: Knowing that one’s financial transactions are free from Riba brings immense spiritual comfort and is believed to invite divine blessings into one’s wealth and life.
• Financial Stability and Justice: Islamic finance promotes stability by linking finance to real economic activity and discouraging excessive debt. It emphasizes justice and fairness in all dealings.
• Support for Ethical Economy: By choosing Sharia-compliant products, consumers contribute to the growth and development of an ethical economic system that prioritizes social welfare and equitable wealth distribution over exploitative practices.
• Long-Term Value: These models often encourage financial discipline and sound investment principles, fostering long-term financial health for individuals and families. According to a 2023 report by IFSA Islamic Financial Services Board, the global Islamic finance industry assets exceeded $4 trillion, indicating a growing demand and trust in these ethical alternatives.

How to Cancel Thearamcogroup.com Subscription Hypothetical

Given that Thearamcogroup.com deals with mortgage applications and not a subscription service in the typical sense, there isn’t a “subscription” to cancel. Thedirtycookieoc.com Review

However, if one were to initiate an application and wish to withdraw it, the process would generally involve direct communication with the company.

It’s crucial to understand that applying for a mortgage is a significant financial undertaking, and withdrawal would entail specific steps.

Withdrawing a Mortgage Application

If you have started an application with Thearamcogroup.com and wish to withdraw it, here’s how you would typically proceed:

• Direct Communication: The most straightforward way is to contact their loan officers or customer service directly. The website provides a phone number: 877 700-0942 and an email address: [email protected]. It’s advisable to make contact through both methods for documentation.
• Written Notice: Follow up any phone conversation with a formal written request email or letter to withdraw your application. Include your full name, application ID if provided, and the date. State clearly that you wish to withdraw your application and no longer wish to proceed with their services.
• Confirmation: Request a written confirmation from Thearamcogroup.com that your application has been officially withdrawn and that no further action will be taken on their part regarding your application. Keep this confirmation for your records.
• Data Protection: Inquire about their data retention policies and how your personal and financial information will be handled after the withdrawal of your application, especially in light of their Privacy Policy.

Handling Submitted Documents

When applying for a mortgage, a significant amount of sensitive personal and financial documentation is typically submitted.

• Document Retrieval/Destruction: While most financial institutions have protocols for securely handling and destroying sensitive information after a withdrawal, it’s prudent to confirm this. You might not be able to “retrieve” documents once submitted to their system, but you can certainly inquire about their secure disposal practices.
• Monitoring Credit: After providing financial information for a loan application, it’s always wise to monitor your credit report for any unauthorized inquiries or activity for the next few months, just as a general precaution.
• Privacy Policy Review: Before applying or withdrawing, review their “Privacy Policy” linked at the bottom of their homepage to understand how they collect, use, and protect your information. This document should outline their procedures for data handling.

Thearamcogroup.com Pricing: Understanding the Cost of Conventional Mortgages

Thearamcogroup.com’s website, as typical for mortgage lenders, does not list specific “pricing” in terms of fixed interest rates or loan fees directly on its homepage.

This is because mortgage pricing is highly dynamic, influenced by numerous factors, and tailored to individual applicants.

However, understanding the general components of mortgage costs is crucial, especially when considering the ethical implications of interest-based financing.

The absence of specific rates on the website is standard industry practice, necessitating direct contact for a personalized quote.

Factors Influencing Mortgage Costs

The “price” of a mortgage, from a conventional perspective, is determined by several fluctuating variables.

• Interest Rates: These are the most significant component of mortgage costs. They fluctuate daily based on market conditions, the federal funds rate set by the Federal Reserve, economic indicators, and bond yields.
  • Borrower’s Credit Score: A higher credit score generally qualifies for lower interest rates, as it indicates lower risk to the lender.
  • Loan-to-Value LTV Ratio: The amount of the loan relative to the property’s appraised value. A lower LTV higher down payment often results in better rates.
  • Loan Term: Shorter loan terms e.g., 15 years typically have lower interest rates than longer terms e.g., 30 years, but higher monthly payments.
  • Loan Type: Fixed-rate vs. adjustable-rate mortgages ARMs have different rate structures.
• Loan Fees: These are charges assessed by the lender for processing the loan.
  • Origination Fees: Charged for processing the loan application, underwriting, and funding the loan. Typically 0.5% to 1% of the loan amount.
  • Application Fees: A small fee to cover the initial cost of processing the application.
  • Underwriting Fees: Covers the cost of evaluating the loan application and borrower’s creditworthiness.
  • Processing Fees: For administrative tasks related to the loan.
• Third-Party Costs Closing Costs: These are expenses paid to entities other than the lender.
  • Appraisal Fee: For valuing the property.
  • Credit Report Fee: For pulling your credit history.
  • Title Insurance: Protects the lender and borrower against title defects.
  • Escrow Fees: For managing the closing process.
  • Prepaid Expenses: Such as property taxes and homeowner’s insurance premiums, paid upfront for a certain period.
  • Attorney Fees: If required in your state.
  • According to a 2023 report by ClosingCorp, average closing costs in the U.S. ranged from 2% to 5% of the loan amount, varying significantly by state and loan size.

Getting a Quote from Thearamcogroup.com

As the website indicates with its “Apply Today” buttons, obtaining specific pricing would involve initiating an application process. Runsom.com Review

• Pre-qualification/Pre-approval: Typically, you would start with a pre-qualification to get an estimate of what you might qualify for, or a pre-approval which involves a more thorough review of your finances to get a conditional commitment for a specific loan amount and rate.
• Personalized Consultation: Thearamcogroup.com states, “Our outstanding mortgage professionals will work with you one on one to ensure that you get a purchase loan, refinance, or reverse mortgage that is tailored specifically to meet your financing needs.” This implies a personalized consultation where specific rates and terms would be discussed.
• Loan Estimate: After an application is formally submitted, lenders are required by law under the TILA-RESPA Integrated Disclosure rule to provide a “Loan Estimate” within three business days. This document outlines the estimated interest rate, monthly payment, and total closing costs. This is the first comprehensive look at the “pricing” of the loan.

Thearamcogroup.com vs. Halal Mortgage Providers: A Fundamental Difference

The comparison between Thearamcogroup.com and Halal mortgage providers isn’t merely about competitive rates or customer service.

It’s a comparison of fundamentally different ethical and operational models.

Thearamcogroup.com operates within the conventional interest-based lending system, whereas Halal mortgage providers adhere strictly to Islamic financial principles, which prohibit Riba interest. This distinction is paramount for individuals seeking to align their financial dealings with their faith.

Operational Model

The core difference lies in how these entities structure their financial transactions.

• Thearamcogroup.com Conventional:
  • Interest-Based Loans: Loans are provided with a fixed or variable interest rate charged on the principal amount. The lender profits directly from the interest accrued on the debt.
  • Debt Creation: The primary mechanism is the creation of debt. The borrower is obligated to repay the principal plus interest, regardless of the performance of the asset or market conditions.
  • Risk Transfer: The risk is predominantly transferred to the borrower. If the property value drops, the borrower still owes the full loan amount plus interest.
• Halal Mortgage Providers Islamic Finance:
  • Asset-Backed Transactions: Instead of lending money with interest, these providers engage in real asset transactions. They either purchase the asset and sell it to the client with a profit margin Murabaha, lease it to them Ijara, or co-own it with them Musharaka.
  • Partnership and Profit-Sharing: Models like Musharaka involve genuine partnership and profit/loss sharing. The institution shares some of the risk associated with the property.
  • Equity Focus: The emphasis is on equity and ownership rather than pure debt. The institution is a partner or an owner, not just a lender.
  • According to the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI, the global Islamic finance industry has demonstrated robust growth, with ethical considerations driving significant investor and consumer demand. As of 2023, the industry is estimated to grow at a CAGR of 10-12% over the next five years, indicating a strong preference for ethical finance.

Ethical and Religious Compliance

This is the most critical differentiator for a Muslim audience.

• Thearamcogroup.com:
  • Non-Compliant: Directly contradicts the Islamic prohibition of Riba, making its services impermissible for Muslims.
  • Moral Hazard: The system can lead to economic imbalances and moral hazards associated with pure debt accumulation without risk sharing.
• Halal Mortgage Providers:
  • Sharia-Compliant: Designed to be fully compliant with Islamic law, ensuring all transactions are free from Riba, Gharar excessive uncertainty, and Maysir gambling.
  • Ethical Framework: Adheres to a broader ethical framework that promotes social justice, risk-sharing, and real economic activity. This provides spiritual peace and aligns financial dealings with religious obligations.

Customer Service and Accessibility

While both types of providers aim for good customer service, the “how” differs.

• Thearamcogroup.com: Focuses on efficiency, competitive rates within the conventional system, and streamlining the application process for interest-based loans. Their team is trained in conventional lending practices.
• Halal Mortgage Providers: In addition to efficiency, they prioritize educating clients on Islamic financial contracts, ensuring full understanding and transparency regarding the Sharia-compliant nature of the transaction. Their professionals are often knowledgeable in both conventional and Islamic finance. While historically less widespread, their presence is growing in major U.S. cities with significant Muslim populations. For instance, according to the Pew Research Center, the U.S. Muslim population was approximately 3.45 million in 2017, and this number has steadily grown, leading to increased demand for Halal financial services.

Financial Products Offered

The range and nature of products vary significantly.

• Thearamcogroup.com: Offers standard residential, commercial, and reverse mortgages, all structured conventionally.
• Halal Mortgage Providers: Offer specifically designed products like Murabaha for property purchase, Ijara for leasing-to-own, and Diminishing Musharaka for co-ownership leading to full ownership. Some also provide ethical auto finance and business finance.

For a Muslim individual, the choice is clear: prioritize ethical and Sharia-compliant alternatives, even if they require more research or a different approach to financing.

The long-term spiritual and financial benefits of avoiding Riba far outweigh any perceived convenience of conventional interest-based products.

FAQ

What is Thearamcogroup.com?

Thearamcogroup.com is a website offering mortgage services, including residential mortgages, commercial mortgages, and reverse mortgages, primarily for properties in California, Arizona, and Texas. Marka-digital.com Review

Is Thearamcogroup.com a legitimate company?

Based on the website, Thearamcogroup.com provides licensing information NMLS, CA DRE, AZ DIFI and clear contact details, suggesting it is a legitimate, licensed mortgage brokerage operating within the conventional financial system.

What types of loans does Thearamcogroup.com offer?

Thearamcogroup.com offers purchase loans, refinance options for residential and commercial properties, debt consolidation through refinancing, and reverse mortgages.

Does Thearamcogroup.com charge interest on its loans?

Yes, Thearamcogroup.com operates within the conventional lending framework and explicitly mentions “competitive interest rates” for its financial services, meaning all its loans are interest-based.

Why is interest Riba prohibited in Islam?

Interest Riba is prohibited in Islam because it is considered an exploitative practice that creates economic inequality, promotes injustice, and generates wealth without real effort or shared risk.

Can a Muslim use Thearamcogroup.com’s services?

No, a Muslim cannot use Thearamcogroup.com’s services because they are based on interest Riba, which is strictly forbidden in Islam.

What are Sharia-compliant alternatives to conventional mortgages?

Sharia-compliant alternatives include models such as Murabaha cost-plus-profit sale, Ijara leasing with gradual ownership transfer, and Musharaka partnership with diminishing ownership.

What is Murabaha in Islamic finance?

Murabaha is a Sharia-compliant financing method where an Islamic financial institution purchases the desired asset e.g., a house and then resells it to the client at a pre-agreed, fixed higher price, paid in installments.

What is Ijara in Islamic finance?

Ijara is an Islamic leasing contract where the financial institution buys an asset and leases it to the client for a fee, with the client gradually acquiring ownership of the asset over the lease term.

What is Musharaka in Islamic finance?

Musharaka is a partnership agreement in Islamic finance where the financial institution and the client jointly purchase an asset, sharing both the ownership and the associated risks and profits/losses.

The client gradually buys out the institution’s share. Defeua.com Review

Are there Islamic mortgage providers in the United States?

Yes, there are several reputable Islamic mortgage providers in the United States, including Guidance Residential, Ijara Community Development, Lariba, and Amanah Finance.

How do I get a quote from Thearamcogroup.com?

To get a quote from Thearamcogroup.com, you would typically need to contact their loan officers directly via phone or email, or initiate an application through their “Apply Today” links on the website for a personalized assessment.

What information does Thearamcogroup.com require for a loan application?

While not explicitly listed, typical mortgage applications require extensive personal and financial information, including income details, employment history, credit history, assets, and liabilities.

Can I cancel a mortgage application with Thearamcogroup.com?

Yes, you can typically withdraw a mortgage application.

You would need to contact Thearamcogroup.com directly via phone or email and provide a formal written request to withdraw your application.

What happens to my submitted documents if I withdraw my application?

Generally, financial institutions have policies for securely handling and destroying sensitive information after an application withdrawal.

You should inquire about Thearamcogroup.com’s specific data retention and disposal practices as outlined in their Privacy Policy.

Are reverse mortgages permissible in Islam?

No, reverse mortgages are generally not permissible in Islam as they are typically structured as interest-bearing loans against home equity, which contradicts the prohibition of Riba.

What are the main components of a conventional mortgage cost?

The main components of a conventional mortgage cost include the principal amount, interest rates, loan fees origination, processing, underwriting, and third-party closing costs appraisal, title insurance, escrow fees, prepaid taxes/insurance.

Does Thearamcogroup.com offer any Sharia-compliant products?

No, based on the information provided on their website, Thearamcogroup.com does not offer any Sharia-compliant financial products. Thesecretsofcatsreviews9.blogspot.com Review

All their services appear to be conventional interest-based mortgages.

What are the benefits of choosing ethical financial alternatives?

Choosing ethical financial alternatives brings spiritual peace, ensures adherence to religious principles, promotes financial stability, fosters economic justice, and supports the growth of a socially responsible economy.

Where is Thearamcogroup.com headquartered?

Thearamcogroup.com’s headquarters is located at 935 W. San Marcos Blvd, Suite 100, San Marcos, CA 92078.