As always, we are very busy at First Israel Mortgages, in both Jerusalem and Tel Aviv.
And, not only in Israel, since our co-founder Tzvi Shapiro continues his tour of America, with the final events taking place in Passaic, Englewood, and the Five Towns.
We remain a mortgage company suited to help those making Aliya from America and we have built up a wealth of experience to make the move as smooth as possible.
Below is our weekly update, if you want to jump to a section, click here:
The dollar has dropped a little versus the Shekel with there now being some hope of a breakthrough in the talks over the judicial reform.
Mortgage market brief:
Mortgage Rates Unchanged: 30 year fixed; 4.90-5.30%, 10 year fixed; 4.80 – 5.30%
Interest Rates Higher: 5 year NIS: 3.89%,
3 month US$: 5.25%
FOREX/NIS:USD; 3.59, EUR; 3.86, GBP; 4.51
Prime Mortgage Rate: 6.25%
Israel Real Estate News
Pacific Oak taps Israeli bond market again (The Real Deal)
Apartments sold and rented (Globes)
5 top mortgage tips
– Having an appraisal prior to signing a contract is highly recommended, as it may affect mortgage eligibility.
– While a client’s tax return may indicate little or no income, that does not automatically disqualify them for a mortgage.
– A mortgage approval can be applied to almost any purchase, and can therefore be obtained prior to choosing a specific property.
– Mortgage approvals can take as little as a few days, while funding for mortgage requires a minimum of 60 days.
– Prepayment penalties may be applicable to Israeli mortgages. There are methods of minimizing the impact.