Published June 11, 2023 by Norman Shapiro

Choosing a house graphicWelcome to the weekly update from First Israel Mortgages.

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:

Israel Real Estate News

5 top mortgage tips

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

New Tel Aviv construction project will change the game for urban renewal (Jerusalem Post)

Pacific Oak taps Israeli bond market again (The Real Deal)

Apartments sold and rented (Globes)

Work begins on large new Tel Aviv neighborhood (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.

Related: Before You Apply (Part 1 of the Israel Mortgage Primer series).

Current interest rates in Israel.